Moody's Ratings affirms First Citizens' ratings (Baa2 subordinated); outlook changed to stable from negative
Moody's Ratings (Moody's) has today affirmed all ratings of First Citizens BancShares, Inc. (local currency subordinated debt Baa2) and its subsidiaries, including the baa1 Baseline Credit Assessment (BCA) of its lead bank, First-Citizens Bank & Trust Company (together "First Citizens"). The outlook...CIT Group is a bank and a financial holding company. Through its subsidiaries, the company provides financing, leasing and advisory services to middle-market companies and small businesses in a range of industries in North America. The company also provides banking and related services to commercial and individual customers through its banking subsidiary. The company has three operating segments: Commercial Banking, which include Commercial Finance, Rail, Real Estate Finance, and Business Capital; Consumer Banking, which includes Retail Banking, Consumer Lending, and Small Business Administration Lending; and Non-Strategic Portfolios, which includes businesses and portfolios that the company no longer consider strategic.
First Citizens BancShares is a holding company. Through its banking subsidiary, First-Citizens Bank & Trust Co. (FCB), the company provides a range of retail and commercial banking services. Loan services include various types of commercial, business and consumer lending. Deposit services include checking, savings, money market and time deposit accounts. The company's subsidiaries also provides mortgage lending, a trust department, wealth management services for businesses and individuals and other activities incidental to commercial banking. FCB's subsidiaries provide various investment products including annuities, discount brokerage services and third-party mutual funds.
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