CIT Group in New York has sold its wealth management business to FirstSun Capital Bancorp in Denver.
The $61.7 billion-asset CIT did not disclose the price that FirstSun, the parent of the $4.8 billion-asset Sunflower Bank, paid.
CIT sold a business with about $800 million in assets under administration and roughly 20 wealth advisers, trust specialists and investment professionals. Sunflower already had $1 billion in wealth management assets under administration.
"We are pleased to have completed this transaction … where the business and team can be part of a broader wealth management strategy," Ellen Alemany, CIT’s chairman and CEO, said in the release. "We remain focused on our core strengths and creating an integrated banking offering for our key commercial and consumer segments of the market."
Sunflower “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," said Mollie Carter, FirstSun’s chairman.
CIT had inherited the business with its purchase this year of Mutual of Omaha Bank.
