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
"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.
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.
View original content to download
SOURCE CIT Group Inc.