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.
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.
SOURCE CIT Group Inc.