Fquently asked questions Get the answers to your most frequently asked questions. a Why are CIT and First Citizens merging? Together,
CIT and First Citizens will be able to leverage their respective strengths to create a Top 20 U.S. bank, providing the scale to drive growth, improve profitability and enhance stakeholder value, all while delivering a broader range of market-leading
capabilities for customers. a When will the transaction be completed? We anticipate the transaction will be completed in the first half of 2021, subject to regulatory approval and other customary closing conditions, including approval by the
shareholders of each company. Will there be any impact on CIT, CIT Bank or OneWest Bank A accounts as a result of this transaction? We anticipate the transaction will be completed in the first half of 2021, subject to regulatory approval and other
customary closing conditions, including approval by the shareholders of each company. a Tell me about First Citizens Bank. First Citizens has an extensive retail banking franchise spanning more than 550 branch locations and serving individuals and
businesses across 19 states, with a significant presence in key growth markets across the Southeast. Their franchise includes a full breadth of banking products and services.
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 First Citizens 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 First Citizens and CITs current
expectations and assumptions regarding First Citizens and CITs 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 First Citizens
and/or CITs future financial results and performance and could cause the actual results, performance or achievements of First Citizens 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 First Citizens 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 managements 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 First Citizens and CIT, (4) the risk that the integration of First Citizens and
CITs operations will be materially delayed or will be more costly or difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the failure to obtain the necessary approvals
of the stockholders of First Citizens and/or CIT, (6) the outcome of any legal proceedings that may be instituted against First Citizens and/or CIT, (7) 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), (8) reputational risk and potential adverse reactions of First Citizens and/or
CITs customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (9) the failure of any of the closing conditions in the definitive merger agreement to
be satisfied on a timely basis or at all, (10) delays in closing the proposed merger, (11) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events,
(12) the dilution caused by First Citizens issuance of additional shares of its capital stock in connection with the proposed merger, (13) general competitive, economic, political and market conditions, (14) other factors that
may affect future results of CIT and/or First Citizens 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 (15) the impact of
the global COVID-19 pandemic on First Citizens and/or CITs businesses, the ability to complete the proposed merger and/or any of the other foregoing risks.