CIT Completes Sale of Wealth Management Business to FirstSun Capital Bancorp

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has completed the acquisition of its trust and wealth advisory business by FirstSun Capital Bancorp, effective September 1, 2020. This strategic move allows CIT to concentrate on its core banking strengths while enhancing FirstSun's wealth management capabilities. The deal adds approximately $800 million in assets and 20 professionals to FirstSun’s existing $1 billion wealth management platform. CIT’s leadership emphasized a focus on integrated banking solutions for commercial and consumer markets.

Positive

• CIT's sale of its trust and wealth advisory business allows the company to focus on its core operations.
• The acquisition enhances FirstSun's wealth management capabilities with an additional $800 million in assets.

Negative

• None.

NEW YORK, Sept. 1, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that the trust and wealth advisory business of CIT Bank, N.A. was acquired by FirstSun Capital Bancorp, through its subsidiary Sunflower Bank, N.A. (FirstSun), effective Sept. 1, 2020. The transaction enables CIT to focus on its core strengths and enhances FirstSun's capacity to meet its clients' expanding financial management and generational family planning needs while building on its strategic growth in Southwestern markets.

"We are pleased to have completed this transaction with FirstSun where the business and team can be part of a broader wealth management strategy," said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. "We remain focused on our core strengths and creating an integrated banking offering for our key commercial and consumer segments of the market." 

"We're thrilled to welcome our new wealth management clients and their trusted advisors to the Sunflower Bank family," said Mollie Carter, chairman of FirstSun Capital Bancorp and Sunflower Bank, N.A. "Sunflower Bank has leveraged its strong capital base to build a state-of-the-art investment platform, and we look forward to sharing our risk- and tax-optimized wealth solutions with our valued clients."

The acquisition by FirstSun adds approximately $800 million in assets under administration and approximately 20 wealth advisors, trust specialists and investment professionals to its existing platform. Prior to the completion of this acquisition, Sunflower Bank had approximately $1 billion in wealth management assets under administration. Its full-service wealth management platform includes wealth planning, investment management, brokerage, private banking and corporate retirement planning. Sunflower Bank has been serving the financial needs of its communities for over 128 years and has operated as a trust company for over 50 years.

The trust and wealth advisory business was part of Mutual of Omaha Bank which CIT acquired at the beginning of 2020.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments solutions, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

About Sunflower Bank
Operating as Sunflower Bank, First National 1870 and Guardian Mortgage, Sunflower Bank, N.A. provides financial solutions to the individual communities it serves. With over $4.8 billion in assets as of June 30, 2020, headquarters in Denver, bank locations in six states, and mortgage capabilities in more than 40 states, Sunflower Bank, N.A. provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives. Member FDIC. Equal Housing Lender. First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more visit SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.

MEDIA RELATIONS: 

Susan Fitzpatrick	Jeanne Lipson
CIT	Sunflower Bank
212-461-7806	Direct: 915-881-6785
Susan.Fitzpatrick@cit.com	Jeanne.Lipson@SunflowerBank.com

 

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SOURCE CIT Group Inc.

FAQ

What is the significance of CIT's sale of its wealth management business to FirstSun?

CIT's sale allows the company to refocus on its core banking operations while enhancing FirstSun's wealth management services.

How much in assets did CIT transfer to FirstSun with this acquisition?

Approximately $800 million in assets under administration were transferred to FirstSun as part of the acquisition.

What will CIT Group focus on after selling its wealth advisory division?

CIT Group will concentrate on its core banking strengths and integrated solutions for commercial and consumer markets.

When was the acquisition of CIT's wealth advisory business completed?

The acquisition was completed on September 1, 2020.

How many wealth management professionals did FirstSun acquire from CIT?

FirstSun acquired approximately 20 wealth advisors and trust specialists from CIT.