Matt Martin Joins First Citizens Bank as Chief Counsel
First Citizens Bank has appointed Matthew G.T. Martin as Chief Counsel, responsible for overseeing legal functions and advising the corporate board. Martin, a former U.S. Attorney for the Middle District of North Carolina, brings significant legal experience from his previous roles at Duke Energy and Smith Anderson. He will also serve as Corporate Secretary to the Board. First Citizens BancShares, with approximately $54 billion in assets as of March 31, 2021, is set to merge with CIT Group, pending regulatory approvals. This merger aims to enhance operational efficiency and market presence.
- Appointment of a seasoned legal professional, Matthew G.T. Martin, as Chief Counsel.
- Martin's extensive background includes serving as U.S. Attorney and roles in major corporations, potentially enhancing the company's legal oversight.
- The merger with CIT Group aims to provide significant cost savings and revenue synergies.
- Risks associated with the merger include potential delays and failure to achieve anticipated benefits, affecting future performance.
- Integration challenges may arise, causing disruptions and diverting management's attention from core business operations.
RALEIGH, N.C., July 06, 2021 (GLOBE NEWSWIRE) -- Matthew “Matt” G.T. Martin has joined First Citizens Bank as Chief Counsel. He is responsible for overseeing the company’s corporate and general bank legal functions, litigation management and advising executive management and its corporate board on legal matters. He will also hold the position of Corporate Secretary to the First Citizens BancShares Board of Directors.
“Matt is an exceptional legal professional who brings significant experience to First Citizens,” said Chief Risk Officer Lorie Rupp. “His background aligns with the expected direction of our growing company; he has advised on major corporate integration projects and is a former partner with a leading North Carolina firm that serves financial institutions. We are excited to have an accomplished in-house counsel like Matt who will provide us with valuable insight and guidance.”
Prior to joining First Citizens, Martin served as U.S. Attorney for the Middle District of North Carolina. He was the chief federal law enforcement officer for the district, which encompasses 24 counties and approximately three million people in central North Carolina. He led the U.S. Department of Justice prosecution office responsible for all federal investigations and prosecutions in the Middle District.
Prior to serving as U.S. Attorney, Martin was Associate General Counsel of Duke Energy, where he was responsible for litigation, risk management and dispute resolution and chaired an internal leadership development program. Before joining Duke Energy, Martin was partner with the law firm of Smith Anderson in Raleigh, N.C. He began his legal career with the law firm of Covington & Burling in Washington, D.C.
Martin received his bachelor’s degree from the University of North Carolina and his Juris Doctor degree from the University of North Carolina School of Law, where he served as editor in chief of the North Carolina Law Review.
Martin has served in leadership positions on the boards of the Food Bank of Central and Eastern North Carolina, Meals on Wheels and the Marbles Kids Museum and on several committees of the North Carolina Bar Association. He also spent three years as chair of the Wake County Planning Board. He was raised in Jackson County, North Carolina, and is a graduate of the North Carolina School of Science and Math. He and his family reside in Raleigh.
Founded in 1898 and headquartered in Raleigh, North Carolina, First Citizens Bank serves customers at more than 500 branches in 19 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which had approximately
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of BancShares and CIT. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ and CIT’s current expectations and assumptions regarding BancShares’ and CIT’s businesses, the economy, and other future conditions.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of BancShares and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed merger may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the condition of the economy and competitive factors in areas where BancShares and CIT do business, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the proposed merger and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between BancShares and CIT, (4) the risk that the integration of BancShares’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that BancShares and CIT are otherwise unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be or have been instituted against BancShares and/or CIT, (6) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (7) reputational risk and potential adverse reactions of BancShares’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (8) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (9) delays in closing the proposed merger, (10) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) the dilution caused by BancShares’ issuance of additional shares of its capital stock in connection with the proposed merger, (12) general competitive, economic, political and market conditions, (13) other factors that may affect future results of CIT and/or BancShares including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on BancShares’ and/or CIT’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks.
Except to the extent required by applicable law or regulation, each of BancShares and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding BancShares, CIT and factors which could affect the forward-looking statements contained herein can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q for the period ended March 31, 2021, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended on Form 10-K/A, its Quarterly Reports on Form 10-Q for the period ended March 31, 2021, and its other filings with the SEC.
| Contact: | Barbara Thompson |
| First Citizens Bank | |
| 919-716-2716 |
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