Here's Why CIT Group Is Soaring on Friday

The stock market was having a strong day on Friday, but regional bank CIT Group (NYSE: CIT) was a big standout. As of 10:45 a.m. EDT, shares of the bank stock were higher by more than 22% for the day.

The reason for the spike is that New York-based CIT Group has agreed to merge with North Carolina-based First Citizens BancShares (OTC: FCNCB), whose stock is also about 17% higher on the day.

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Source Fool.com