CIT Completes Sale of Wealth Management Business to FirstSun Capital Bancorp
SEP 2, 2020 - 7:13 am
FirstSun Capital Bancorp, through its subsidiary Sunflower Bank, acquired CIT’s trust and wealth advisory business, effective Sept. 1.
The transaction enables CIT to focus on its core strengths and adds to FirstSun’s capacity to meet its clients’ financial management and generational family planning needs while building on its 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,” Ellen R. Alemany, chairwoman and CEO of CIT, said. “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,” Mollie Carter, chairman of FirstSun Capital Bancorp and Sunflower Bank, said. “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 FirstSun’s 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.
The trust and wealth advisory business was part of Mutual of Omaha Bank, which CIT acquired at the beginning of 2020.
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