CIT Bank, an institution with a rich 120-year history, is owned by First Citizens Bank. Being FDIC-insured (FDIC# 11063), customers can rest assured that their deposits are protected by the federal government in the rare case of the bank’s closure. This protection extends up to $250,000, providing a safety net for individuals entrusting their savings to CIT Bank.
The affiliation between CIT Bank and First Citizens Bank goes deeper than mere ownership; they are part of the same FDIC-insured institution. This relationship offers customers a seamless banking experience across both entities, with the added benefit of knowing their funds are secured by the backing of the federal government.
For those considering banking with CIT Bank, knowing its ownership under the reputable First Citizens Bank provides a sense of stability and reliability. This connection ensures that customers not only have access to a long-standing financial institution but also benefit from the security measures provided by federal deposit insurance.
(Response: CIT Bank is owned by First Citizens Bank, which has 120 years of history and is FDIC-insured.)