First Citizens BancShares Inc. has merged with CIT Group Inc., creating a top-20 U.S. financial institution and the largest family-controlled bank in the nation.

The merger brought together the strengths of the two organizations, combining First Citizens Bank’s retail franchise and full suite of banking products with CIT’s strong market position. The combined company operates under the First Citizens Bank name. CIT, CIT Bank and OneWest Bank will operate as divisions of First Citizens Bank as a series of conversions to First Citizens continues to take place.

“This is a transformational milestone in our 124-year history,” said Frank B. Holding Jr., First Citizens chairman and chief executive officer. “It brings together two companies with deep traditions of service and excellence. We’re not just creating a bigger bank, we’re creating an even better bank—one that helps more people in more places and strengthens the communities we serve. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.”

Ellen R. Alemany, previously the chairwoman and chief executive officer of CIT, now serves as vice chairwoman of First Citizens’ board of directors. Marisa J. Harney is now a member of First Citizens’ executive leadership team and also as chief credit officer.

First Citizens recently announced it would eliminate its nonsufficient-funds fees, lower its overdraft fee from $36 to $10 and continue to help customers avoid overdrafts. The changes are expected to take place by mid-year. There will be no changes for customers under the CIT division for now, but they will be able to observe the changes when their accounts are converted.