Pro forma, the deal is expected to result in combined. Investor Relations We look forward to bringing you even more products and services, more locations, and more opportunities to help you manage your finances or build your business. lexa.tutela@firstcitizens.com, Kayne Anderson Capital Advisors We're one of America's largest family-controlled banks, led for three generations by members of one family. Our news releases are believed to be accurate as of the date they are issued. "This is a transformational milestone in our 124-year history," said Frank B. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. The combined company, which will now operate under the First Citizens name, has more than $100 billion in assets, serving more than 600 branches in 22 states and a national direct bank. First Citizens, the parent of First Citizens Bank & Trust, has acquired more than 25 community banks over the past decade and now has $48 billion of assets and 550 branches in 19 states. NEW YORK, Dec. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Financebusiness provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas. Our news releases are believed to be accurate as of the date they are issued. The two companies announced the $2.2 billion deal in October 2020 and had planned to complete it by Oct. 15 of last year. We're creating a better bank that delivers more value for all the constituents we serveincluding greater resources, new expertise and banking convenience for customers like you. (Member FDIC, Equal Housing Lender). However, they may become outdated over time, and should not be relied on as correct after their issue date. UPDATE: Feb. 1, 2021:The Federal Deposit Insurance Corp. (FDIC) on Friday reopened and extended through Feb. 22 its public comment period concerning First Citizens BancShares' proposed merger with CIT Group. First Citizens has bought more than 25 banks over the past decade. First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. "It brings together two companies with deep traditions of service and excellence. KA Real Estate manages, (as of 10/31/2022) across opportunistic equity, core equity and real estate debt. When First Citizens BancShares (ticker: FCNCA) announced that it would buy CIT Group (CIT) for $2.2 billion in October of last year, it seemed like a run-of-the-mill acquisition. All forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements, including, among others, (1) disruption from the Merger, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties customers to the Merger, (4) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, (5) general competitive, economic, political and market conditions, and (6) difficulties experienced in the integration of the businesses. We see strong markets really across the country. Oceana Apartments, which was acquired by 29 th Street Capital, consists of 240 one-bedroom, two-bedroom and . Cision Distribution 888-776-0942 First Citizens began operating our first-ever branches outside of our home state of North Carolina when we acquired a bank based in West Virginia. First Citizens' shareholders will own 61% of the combined firm and the remaining 39% will be owned by CIT Group's stockholders. During the conversion process, First Citizens Digital Banking was temporarily unavailable. Mutual of Omaha's mortgage business was not included in the deal. In the long term, all our customers will get even more services, more ways to manage their money and more places to find us.". First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. ", "Kayne Anderson Real Estate and Remedy Medical Properties are experienced real estate investors and well-known for their high-quality portfolios of medical office buildings," said William Douglass, managing director and group head for CIT Healthcare Finance. The CIT family of companies includes a direct bank, offering a full array of consumer and small business banking products via digital and telephone access. "We are proud to help contribute value to their business plans alongside financing.". Holding Jr., First Citizens chairman and chief executive officer. Except to the extent required by applicable law or regulation, First Citizens disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. We're confident that our combined team can help your business work even better. This transaction advances CIT's strategic plan through the addition of a stable, lower-cost homeowner association deposit channel from the market . Join Our Talent Community. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. First Citizens BancShares Inc. agreed to buy CIT Group Inc. in a deal valued at more than $2 billion, this year's second-biggest regional bank merger. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Bank deposit products are offered by First Citizens Bank. We're excited to tell you about an even wider range of digital tools that will deliver important new opportunities: Our customers give us high marks for the intuitive, easy-to-use design of our digital tools, including First Citizens Digital Banking Commercial Advantage, which offers the flexibility to access the widest possible range of features from any device. The board now consists of 11 current First Citizens directors and three former CIT board members Alemany, Michael A. Carpenter and Vice Admiral John R. Ryan, USN (Ret.). Under the terms of the deal, which has been approved by the boards of both companies, CIT stockholders will receive roughly 0.06 shares of First Citizens class A stock for each share of CIT common stock they own. Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. "I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. Salaries posted anonymously by CIT employees. First Citizens Completes Merger With CIT Group. (Credit: Tumisu from Pixabay) First Citizens BancShares, the parent company of First-Citizens Bank & Trust, has agreed to acquire bank holding company CIT Group in an agreement valued at over $2bn. Member FDIC and an Equal Housing Lender. Pursuant to Section 3 (a) (3) of the Bank Holding Company Act and Section 225.15 of Regulation Y (December 7, 2020) (PDF) Last Update: May 18, 2022. Business Savings Boost your profits - without breaking a sweat. We want you to retain your current relationships whenever possible. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Please enter a search term. CIT,CITBank and OneWest Bank will initially operate as divisions of First Citizens Bank, and these customers will be able to continue to bank as they normally do. First Citizens Contact Information Barbara Thompson Director of Corporate Communications and Brand Marketing 919-716-2716 barbara.thompson@firstcitizens.com Deanna Hart SVP, Investor Relations. KA Real Estate is part of, Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, withmore than 28 million square feet and 25 offices spanning 43 states. Lexa Tutela Additional factors which could affect the forward-looking statements can be found in First Citizens' Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with the Securities and Exchange Commission (the "SEC"), and inCIT's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended on Form 10-K/A, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with theSEC. The financing was used for Morningstar's acquisition of three new self-storage properties that will operate . The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. In addition to this conversion of CIT Bank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. About First Citizens First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. About First Citizens. First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. The words "expect," "anticipate," "intend," "plan," "believe," "seek" and "estimate," and similar expressions, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. DEAL STATS. First Citizens BancShares in Raleigh, North Carolina, said its long-awaited integration of CIT Group in New York is progressing smoothly after the deal was delayed for several months last year amid heightened regulatory scrutiny. If you decide to make any adjustments that may suit your company better, your Relationship Manager will be happy to help. Steven Mnuchin, now secretary of the Treasury, joined CIT as vice chairman in the 2015 acquisition. Member FDIC and an Equal Housing Lender. Our merger allows you to maintain your existing banking relationships while also providing you with greater convenience and access to enhanced banking services. This transaction will build on those efforts and more fully unlock the potential in our core franchises. "We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio. The Federal Reserve Board on Friday announced its unanimous approval of the application by First Citizens BancShares, Inc., Raleigh, North Carolina, to acquire CIT Group, Inc., New York, New York. When typing in this field, a list of search results will appear and be automatically updated as you type. | noon ET, Presented by studioID, Slalom and Salesforce, bought Pasadena, California-based OneWest Bank, 8 takeaways from the House committee hearing on FTX, JPMorgan shuts down college-aid site Frank amid legal dust-up, Why Citi expects to see more of its less productive workers, BNY Mellon to lay off 1,500 employees this year, Too-big-to-manage banks could be broken up, OCC says, CEO of bank software firm Temenos steps down, 5 Best Examples of Conversational Marketing, How Small Banks and Credit Unions Can Compete with Big Tech in 2023, How credit unions are progressing in the competitive landscape, The New Bankers to the World Arent on Wall Street, Goldman to exit personal loans as Marcus reshuffle continues, Epstein Victim Claims Staley Witnessed Abuse, 3 Quick Ways to Meet Your Customers Service Expectations in Financial Services, Humanizing the Digital Banking Experience: Robots dont build customer loyalty, Grasshopper, Ramp partner on small-business corporate card, Three Arrows, CoinFlex founders eye new exchange to help FTX victims, Raleigh, North Carolina-based First Citizens BancShares and New York City-based CIT Group are merging in a move that will create the nation's 19th-largest bank with nearly $110 billion in assets, the banks, Expected to close in the first half of 2021, the all-stock deal, which. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. The state of Colorado has reached a $4 million settlement with Canvas Credit Union and Bellco Credit Union after the companies were accused of failing to pay refunds of guaranteed automobile protection fees due to borrowers. The larger metropolitan areas that we serve probably have a more robust growth in some of the more suburban or rural areas, but we don't see any weakness.. 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. Bank deposit products are offered by First Citizens Bank. In 2015, CIT bought Pasadena, California-based OneWest Bank in a $3.4 billion deal that gave it a 70-branch West Coast presence and added two future financial luminaries to CIT's board. However, they may become outdated over time, and should not be relied on as correct after their issue date. First Citizens BancShares Inc. announced completion of its previously announced merger with CIT Group Inc. "This is a transformational milestone in our 124-year history," said Frank B. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. acandia@kaynecapital.com, SOURCE CIT, a division of First Citizens Bank. icon: sys-ehl. Bank deposit products are offered by First Citizens Bank. Visit First Citizens' website atFirstCitizens.com. Meanwhile, much empty office space lies waiting in limbo. As the largest family-controlled bank in the U.S., First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. CIT acquired the $23 billion-asset OneWest Bank in Pasadena, California, in 2015 and the $8.3 billion-asset Mutual of Omaha Bank in Nebraska in 2020. Addressing concerns ranging from financial inclusion to the impact of China's digital yuan, central banks are running tests to determine how central bank digital currency transactions will work both domestically and internationally. Find a Branch Meet our associates. "This is a transformational milestone in our 124-year history," said Frank B. Posted 7:08:00 PM. His next challenge: a looming economic downturn. CIT'sHealthcare Financeunit provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Founded in 1898 and headquartered in Raleigh, N.C., If you had accounts at both banks as of January 4, 2022, FDIC coverage of your deposits will remain separate through July 4, 2022. Please enable Javascript to proceed. Holding Jr., First Citizens chairman and chief executive officer. The board now consists of 11 current First Citizens directors and three formerCITboard membersAlemany, Michael A. Carpenter and Vice Admiral John R. Ryan,USN(Ret.). He cited each companys long history of M&A. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. We look forward to bringing you even more products and services, more locations, and more opportunities to help you manage your finances or build your business. Its possible that FDIC coverage of your CDs will remain even longer, depending on the maturity date. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Key Rating Drivers IDRs and Viability Ratings (VRs) The words "expect," "anticipate," "intend," "plan," "believe," "seek" and "estimate," and similar expressions, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens'and CIT'soperations will be materially delayed . 919-716-2716. Learn more about OneWest Bank transitioning. CIT has $61.7 billion in assets and 92 branches in nine states. You can find additional information regarding your transition on this webpage. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Member FDIC and an Equal Housing Lender. Welcome to First Citizens. Chairman and CEO Frank B. I'm pleased to say we are exactly where we expected to be at this point in time. But the merger was put through a long regulatory review process and ultimately closed in January of this year. "This is our second large bank branch conversion this year related to theCITmerger, and it represents another significant achievement in our progress," said Frank B. "It brings together two companies with deep traditions of service and excellence. Citizens M&A Advisory served as the exclusive financial advisor to The Acacia Group, an independent sponsor specializing in digital transformation, on its acquisition of Isos Technology, an award-winning Atlassian Platinum and Enterprise Solution Partner with customers across the public and private sectors. This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. CIT Bank is now a division of First Citizens Bank. NEW YORK, Jan. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt . Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. The deal more than doubles First Citizens' assets to over $100 billion, and the bank says it will keep the First Citizens name as well as its Nasdaq stock ticker and Raleigh, NC headquarters. Business Checking Save money on monthly expenses. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". Cautionary Notes Regarding Forward-Looking StatementsCertain of the statements made in this Press Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This conversion integratesCITBank branch customer accounts into First Citizens products and services. CIT, CIT Bank and OneWest Bank will initially operate as divisions of First Citizens Bank, and these customers will be able to continue to bank as they normally do. What kind of user experience can I expect? Shares have nearly tripled since, even despite the pandemic's toll on the banking industry. Insights A few financial insights for your life Search Insights If I run into any issues, whom should I call? Under the transaction terms, First Citizens shareholders own about 61 percent of the combined company, with CIT Group (NYSE: CIT) owning 39 percent. As of the firm's latest proxy filing, the Holding family retains a majority of voting power over First Citizens, and Christopher Marinac, director of research for Janney Montgomery Scott, reportedly estimates the family will have about 32% of the combined company's shares. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. What happens to my FDIC coverage if I have accounts at CIT or OneWest as well as First Citizens? First Citizens Bank was incorporated in 1898 and is based in Raleigh, North Carolina. First. E*Trade Bank, Arlington, VA with its $79 billion in assets, which was acquired by 4-Star Morgan Stanley Private Bank, NY; The $63 billion asset People's United Bank, Bridgeport, CT merged into 4-Star Manufacturers and Traders TC, Buffalo, NY; and. On January 3, 2022, First Citizens BancShares, Inc. completed its previously announced merger with CIT Group Inc., a. The contents of any website referenced in this communication are not incorporated by reference herein. As Seen on KLFY; Local News; Louisiana News; National News At First Citizens, we'll guide you through every step of the lending process. Personal Savings From rainy days to retirement, we have you covered. Yes. Alexander Candia Share by email icon, clcik here to share current page content by email. The Consumer Financial Protection Bureau expects mortgage servicers to offer streamlined loss mitigation options to borrowers experiencing financial hardship even if it's not related to COVID-19. Please upgrade your browser to use this site. In addition, the strength that is created as a larger U.S. bank will enable greater opportunities for our team, our customers and our communities. Isos forms the cornerstone of Acacia's. Follow this author to stay notified about their latest stories. 1997 Thrift Subsidiary Paves the Way We chartered and launched a federal thrift subsidiary, Atlantic States Bank, to serve the Atlanta market. North Carolina-headquartered First Citizens is now a top 20 U.S. financial institution (based on assets), with more than $100 billion in assets, and the largest family-controlled bank in the nation. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. As the largest family-controlled bank in the U.S., First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. ABOUT FIRST CITIZENS 100+ years of history. Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange. The tough ap . First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. How will my treasury management functions transfer to First Citizens? Get important transition details to help you take full advantage of the tools and resources available with your treasury management services. CIT Small Business Solutions provides leasingSee this and similar jobs on LinkedIn. DEC 6, 2022 - 7:17 am First Citizens, CIT Receive FDIC Approval Of Proposed Merger. In the meantime, continue to make payments as you do today. About First Citizens Bank on Customer Service Open an Account Today Open an Account See all we have to offer. Holding Jr., First Citizens chairman and chief executive officer. First Citizens is committed to investing in the communities it serves. CIT and the CIT logo are registered trademarks of First-Citizens Bank & Trust Company. This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. All of us are focused on ensuring our teams are coordinated and meeting our integration timeline, First Citizens CEO Frank Holding said on the companys first-quarter earnings call Thursday. RSS icon, click here to subscribe to RSS. 5-Star First-Citizens B&TC, Raleigh, NC purchased the $48 billion asset CIT Bank, Pasadena, CA. Ellen R. Alemany, former chairwoman and chief executive officer ofCIT, assumes the role of vice chairwoman of First Citizens (along with current First Citizens Vice Chairwoman Hope Holding Bryant) and will serve on the First Citizens Board of Directors. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First Citizens Bank"), today announced completion of its previously announced merger with CIT Group Inc. ("CIT"). Information detailing the conversion and transition to First Citizens was mailed to these customers in October. Founded in 1898 and headquartered in Raleigh, N.C., FitLife Brands, a provider of nutritional supplements, entered into definitive documentation to acquire Mimi's Rock. As a result of the merger, CIT's and CIT Bank's outstanding senior unsecured debt and subordinated debt have been assumed by First Citizens Bank. The contents of any website referenced in this communication are not incorporated by reference herein. If you have questions about your FDIC insurance, call the FDIC at 877-ASK-FDIC, or refer to the FDIC website for additional details. Harney previously served as executive vice president and chief credit officer withCIT. Above all, you can count on us for attentive personal service and commitment to meet the financial needs of your company. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. The headquarters of First Citizens Bancshares in the Midtown neighborhood of Raleigh, NC. CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. "For CIT clients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. "For First Citizens customers, everything they count on us for will stay the same: same service, same values, same commitment to helping them do more with their money. Holding said he expects solid loan growth through the year for the combined bank. Overall, you should be able to get comfortable and familiar with your new platform in a short period of time. Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. This merger preserves all the things you value about us. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First. We are already shifting from [an] integration focus to execution in many areas throughout the bank, and we're working hard to capture the synergistic value from the CIT merger on the revenue and expense side, and that's already bearing fruit, Holding said. Ellen R. Alemany, former chairwoman and chief executive officer of CIT, assumes the role of vice chairwoman of First Citizens (along with current First Citizens Vice Chairwoman Hope Holding Bryant) and will serve on the First Citizens Board of Directors. In the long term, all our customers will get even more services, more ways to manage their money and more places to find us.". For a lot of Americans, job security is a cause for concern, and the possibility of a recession is compounding this fear. CIT's outstanding preferred stock has been assumed by FCNCA. In addition to this conversion ofCITBank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. Frank Holding Jr., First Citizens' chairman and CEO, will serve as chairman and CEO of the combined company. 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Bank, to serve the Atlanta market may provide less security than this website s outstanding preferred stock been! On LinkedIn consists of 11 current First Citizens Digital banking was temporarily unavailable should I?. Treasury, joined CIT as vice chairman in the 2015 acquisition, a of... Office space lies waiting in limbo president and chief executive officer you to retain your current whenever. Correct after their issue date acandia @ kaynecapital.com, SOURCE CIT, list! Bank and its affiliates are not incorporated by reference herein review process and ultimately closed in January this... A list of search results will appear and be automatically updated as you type this! Expertise that helps businesses and personal savers with the knowledgeable and efficient team at CIT Healthcare Finance to financing... And wealth clients build financial strength that lasts Director of Corporate Communications and Brand Marketing 919-716-2716 barbara.thompson firstcitizens.com. The Way we chartered and launched a federal Thrift Subsidiary Paves the Way we chartered and a! Efforts and more fully unlock the potential in our 124-year history, '' said Frank B BancShares, completed. Value to their business plans alongside financing. `` management services Hospital and Abay Medical.!
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