CIT Bank

CIT Bank is an American banking brand associated with CIT Group, a financial-services company whose activities have included commercial finance, leasing, factoring, treasury and cash-management services, mortgage lending, Small Business Administration lending, and advisory work. The bank operates primarily in the United States and is presented as the group's direct-bank platform. Public reference material about CIT Bank itself is more limited than the documented history of its parent, CIT Group, so the brand's precise launch date, original founder, product chronology, and standalone financial results are not established here. The brand sits within a financial institution whose roots extend to 1908, when Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis to finance small-company accounts receivable. The business moved to New York in 1915 and adopted the name Commercial Investment Trust, later abbreviated to CIT. It expanded from supplier and producer finance into automobile finance, consumer-appliance and furniture finance, factoring, leasing, and other forms of commercial credit. CIT became a public company in 1924 and expanded into Europe in 1929, although the group later closed its German operations in 1934. Over subsequent decades, CIT changed ownership several times and broadened its financial activities. It acquired Fidelcor Business Credit in 1991, opened additional offices in the United States in 1992, returned to public ownership through a 1997 initial public offering, and acquired Newcourt Credit Group in 1999. Tyco acquired CIT in 2001, but separated it through a public offering in 2002. The group then expanded through technology leasing and other specialized-finance businesses. Its rapid growth before the global financial crisis included acquisitions in education lending and subprime mortgages, which contributed to substantial losses in the following years. CIT became a bank holding company in December 2008 while seeking government support during the financial crisis. After a failed request for Federal Deposit Insurance Corporation loan guarantees and additional support from bondholders, the company filed for Chapter 11 bankruptcy protection in November 2009 and emerged in December of that year. A management and board reorganization followed. The group later acquired Direct Capital in 2014, OneWest Bank in 2015, and Mutual of Omaha Bank in 2020. These transactions expanded its small-business, commercial-banking, and consumer-banking capabilities and provided important context for the development of its banking platform. CIT Group was acquired by First Citizens BancShares in January 2022. Following that transaction, CIT's banking operations became part of the First Citizens organization. CIT Bank therefore represents a U.S.-focused banking brand within a larger banking group rather than an independently listed institution. Its market proposition is centered on deposit and banking services delivered through a direct-bank model, supported by the broader group's commercial-finance and banking capabilities. The available reference material does not establish a separate international operating footprint for CIT Bank, and the brand is best characterized as a U.S. financial-services and banking offering.

CIT Bank's documented context is inseparable from the history of CIT Group, the financial-services organization behind the brand. CIT Group began on February 11, 1908, when Henry Ittleson established the Commercial Credit and Investment Company in St. Louis, Missouri. The original business financed accounts receivable for small companies. In 1915, the company moved its headquarters to New York City and changed its name to Commercial Investment Trust, from which the abbreviation CIT was derived. The company broadened its business during the 1910s and 1920s. It entered automobile finance in 1916 through an arrangement with Studebaker and later financed consumer goods, including radios, appliances, furniture, and automobiles. During the First World War, it also financed production of submarine chasers. CIT began factoring in 1928 and expanded into Europe in 1929. It closed its German operation in 1934 as international tensions increased. In 1924, the company incorporated in Delaware and became publicly traded through an initial public offering on the New York Stock Exchange. CIT diversified further after the Second World War. Its acquisitions included Picker X-Ray Corporation in 1958, Gibson Greeting Cards in 1964, and Meadow Brook Bank in 1965. In 1969, it entered personal and home-equity lending and leasing while leaving automobile finance. Regulatory restrictions contributed to the sale of its bank, National Bank of North America, in 1979. RCA acquired CIT in 1980 and subsequently sold several of CIT's manufacturing businesses. CIT later moved its headquarters from Manhattan to Livingston, New Jersey, before returning to New York City in 2006. Manufacturers Hanover Trust acquired CIT in 1984, and Dai-Ichi Kangyo Bank acquired a 60 percent interest in 1989. CIT bought Fidelcor Business Credit in 1991, opened 15 offices across seven states in 1992, and returned to public ownership through a 1997 initial public offering. In 1999, it acquired Toronto-based Newcourt Credit Group in a large transaction that made CIT one of the largest publicly owned leasing companies at the time. Tyco acquired CIT in 2001 and renamed it Tyco Capital. Tyco later separated the business, completing a public offering of CIT's common shares in July 2002. CIT acquired the technology-leasing unit of GATX in 2004 and moved its global headquarters back to New York in 2006. Under chief executive Jeff Peek, the group's assets expanded rapidly between 2004 and 2007, including through acquisitions in education lending and subprime mortgages. Those activities proved damaging as market conditions deteriorated, and CIT reported more than three billion dollars in losses over the following eight quarters. In 2008, CIT announced sales of its home-lending division and manufactured-housing loan portfolio. In December of that year, it became a bank holding company in connection with efforts to obtain government assistance, receiving 2.33 billion dollars through the Troubled Asset Relief Program. The Federal Deposit Insurance Corporation rejected CIT's request for loan guarantees in July 2009. Bondholders subsequently provided three billion dollars intended to postpone a bankruptcy filing, but CIT filed for prepackaged Chapter 11 protection on November 1, 2009. It emerged on December 10, 2009, with a reorganized board. Jeff Peek resigned in January 2010, Peter J. Tobin served as interim chief executive, and John Thain became chairman and chief executive in February 2010. CIT continued rebuilding through acquisitions. It purchased Direct Capital in 2014 and OneWest Bank in 2015. Ellen Alemany became chief executive in 2016 after Thain's retirement. The company sold its aircraft-leasing business to Avolon in 2017, sold Financial Freedom and its reverse-mortgage portfolio later that year, and sold its European rail-leasing business in 2018, ending its overseas operations. CIT acquired Mutual of Omaha Bank in January 2020. In January 2022, First Citizens BancShares acquired CIT Group. CIT Bank consequently became part of the First Citizens organization. The brand remains associated with U.S. direct banking, while its wider corporate history supplies the commercial-finance, leasing, and banking background in which it operates.

• 2022

  First Citizens BancShares acquires CIT Group

  [1]CIT Groupen.wikipedia.org

  CIT Bank becomes part of the First Citizens organization.

• 2020

  Mutual of Omaha Bank is acquired

  [1]CIT Groupen.wikipedia.org

  The transaction adds banking capabilities before CIT's later combination with First Citizens.

• 2015

  OneWest Bank is acquired

  [1]CIT Groupen.wikipedia.org

  CIT expands its banking platform through the acquisition of OneWest Bank.

• 2009

  CIT reorganizes through Chapter 11

  [1]CIT Groupen.wikipedia.org

  CIT files for prepackaged bankruptcy protection in November and emerges from protection in December.

• 1999

  Newcourt Credit Group is acquired

  [1]CIT Groupen.wikipedia.org

  The acquisition strengthens CIT's position in leasing and makes it one of the largest publicly owned leasing companies.

• 1997

  CIT returns to public ownership

  [1]CIT Groupen.wikipedia.org

  The company conducts an initial public offering that raises 850 million dollars.

• 1928

  CIT enters factoring

  [1]CIT Groupen.wikipedia.org

  Factoring becomes part of the company's expanding commercial-finance portfolio.

• 1924

  CIT becomes a public company

  [1]CIT Groupen.wikipedia.org

  CIT incorporates in Delaware and completes an initial public offering on the New York Stock Exchange.

• 1915

  The company moves to New York and becomes Commercial Investment Trust

  [1]CIT Groupen.wikipedia.org

  The renamed company expands its financing activities for wholesale suppliers and consumer-goods producers.

• 1908

  Commercial Credit and Investment Company is founded

  [1]CIT Groupen.wikipedia.org

  Henry Ittleson establishes the company in St. Louis to finance accounts receivable for small businesses.

A U.S.-focused direct-bank and financial-services brand supported by CIT Group's commercial-finance heritage and, since 2022, the First Citizens BancShares organization.

• Direct banking

  CIT Bank direct banking

  CIT Bank is the group's direct-bank platform serving customers in the United States. The available reference material identifies the direct-bank operation but does not provide a complete historical product list or detailed terms for individual accounts. It is therefore described at the platform level rather than through unsupported account-specific claims.

• Business financing · 1908

  Commercial finance

  CIT's commercial-finance activities have included financing for middle-market companies and small businesses, accounts-receivable finance, factoring, and related advisory services. These capabilities form part of the parent group's broader financial-services heritage and provide context for the banking brand's business orientation.

• Asset finance

  Leasing

  Leasing has been a significant historical line for CIT, covering technology and other commercial assets and, at various times, aircraft and rail equipment. The group later sold its aircraft-leasing business in 2017 and its European rail-leasing business in 2018.

• Banking services

  Treasury and cash management

  CIT provides treasury-management and cash-management services to business customers. These offerings support liquidity administration and day-to-day financial operations alongside lending and other commercial-banking services.

• Lending

  Mortgage and small-business lending

  The wider CIT organization has provided mortgage loans and Small Business Administration loans. Its history also includes home lending, manufactured-housing finance, and reverse-mortgage activities, although several of those portfolios were sold or divested during restructuring and later portfolio repositioning.

• 2022

  Acquisition by First Citizens BancSharesM&A

  Background

  CIT Group operated as a diversified financial-services company with banking, commercial-finance, and other specialized businesses.

  Action taken

  First Citizens BancShares acquired CIT Group.

  Aftermath

  CIT Bank became part of the First Citizens organization, ending CIT Group's status as an independent publicly traded parent.

  Source

• 2015

  Acquisition of OneWest BankM&A

  Background

  CIT sought to expand its banking platform and strengthen its consumer and commercial banking presence.

  Action taken

  CIT Group acquired OneWest Bank in a transaction combining cash and stock.

  Aftermath

  OneWest became part of CIT's banking operations; its Financial Freedom business and reverse-mortgage portfolio were later sold in 2017.

  Transaction value. 3400000000 (August 2015)

  Source

• 2009

  CIT files for and exits Chapter 11Other

  Background

  CIT could not secure the requested Federal Deposit Insurance Corporation loan guarantees and remained under substantial financing pressure.

  Action taken

  After receiving support from bondholders, CIT filed for prepackaged Chapter 11 protection on November 1 and emerged on December 10.

  Aftermath

  The reorganization installed seven new independent directors and led to a change in senior leadership.

  Source

• 2008

  CIT adopts bank-holding-company structureStrategy

  Background

  CIT faced severe funding and credit-market pressure during the global financial crisis and sought access to government support.

  Action taken

  The company became a bank holding company and received funds through the Troubled Asset Relief Program.

  Aftermath

  The move did not prevent continuing financial distress; the company later pursued additional bondholder support and entered Chapter 11 bankruptcy protection.

  Troubled Asset Relief Program funds. 2300000000 (December 2008)

  Source

1. 1CIT Groupen.wikipedia.org
2. 2CIT Bank official websitecit.com