CIT Group Inc.
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- CIT Group Inc. (NYSE: CIT), a subsidiary of First Citizens BancShares Inc. since its acquisition in January 2022, operates as a financial services company providing financing, leasing, and banking solutions primarily to middle-market companies, small businesses, and individuals across North America. The company offers commercial banking products including revolving lines of credit, term loans, asset-based loans, commercial real estate loans, cash flow loans, equipment financing, supply chain financing, factoring, receivable management, asset management, cash management, capital markets services, and advisory services; consumer banking encompasses checking and savings accounts, money market and individual retirement accounts, time deposits, certificates of deposit, residential mortgages, small business administration loans, payment solutions, and fiduciary services; additional offerings include rail and locomotive leasing under reporting marks CEFX and CITX, as well as direct digital banking through CIT Bank, N.A.. Founded in 1908 as Commercial Credit and Investment Company in St. Louis, Missouri by Henry Ittleson and headquartered at 11 West 42nd Street in New York City, CIT focuses on industries such as manufacturing, transportation, retail, healthcare, and renewables, with historic operations extending to Europe, Latin America, Australia, and Asia-Pacific prior to streamlining. Recent developments include the transformative $2.2 billion all-stock merger with First Citizens BancShares, completed in January 2022, which positioned the combined entity among the top 20 U.S. banks with over $100 billion in assets and enhanced commercial lending capabilities; earlier key changes encompass the 2020 acquisition of Mutual of Omaha Bank, divestiture of the European rail leasing business NACCO in 2018, sale of the aircraft leasing portfolio to Avolon for $10.38 billion in 2017, and acquisition of OneWest Bank in 2015 for $3.4 billion, alongside ongoing financing activities such as a $750 million line of credit to Origis Energy in March 2023.
Pacific Life Launches Income Horizon™ Collective Investment Trust Series, Transforming Lifetime Income into an Asset Class
PGIM launches first private credit CIT to broaden defined contribution market access
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GAMCO's Chairman Elects to Waive Compensation from March 1, 2025 to May 31, 2025 - To Accelerate ETF and CIT Development
LeafHouse Announces Alta Trust's CIT Featuring Private Investments Managed by Apollo and Franklin Templeton
CIT Northbridge Credit Provides $45 Million to MacPherson's
CIT Commercial Services Provides Up to $48 Million in Financing to Crown Crafts
CIT Northbridge Credit Provides $40 Million to B&W Fiber Glass Inc.
CIT Northbridge Credit Provides $35 Million to Network Wireless Solutions
CIT Northbridge Credit Provides $75 Million to Cisco Equipment Rentals
CIT Serves as Co-Lead on $85 Million in Financing for NineDot Energy
CIT Northbridge Credit Provides $27.78 Million Credit Facility to Applied Optoelectronics
Northern Trust Selected by Wilmington Trust to Support Market-Leading Collective Investment Trust (CIT) Platform
First Citizens (FCNCA) Closes Merger Agreement With CIT Group
Calix Set to Join S&P MidCap 400; Douglas Elliman to Join S&P SmallCap 600
CIT Provides $35.5 Million to Greenyield Shipping LLC
First Citizens' Long-Delayed Merger With CIT Is Approved. The Stock Is Climbing.
FIRST CITIZENS, CIT ANNOUNCE RECEIPT OF REGULATORY APPROVALS FOR MERGER
CIT Arranges $34 Million in Financing for Senior Housing Community in Arizona