CIT Group
American commercial finance and banking company that served small businesses, middle-market companies and selected consumer markets.
Last updated August 31, 2026
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Overview
CIT Group was an American financial services company whose roots lay in commercial finance. Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis in 1908 to finance accounts receivable for small businesses. The company moved to New York in 1915 and adopted the name Commercial Investment Trust, later shortened to CIT. Its early business developed around lending to wholesalers, manufacturers and consumer-goods producers, with the company adding automobile finance in 1916 through an arrangement with Studebaker. It subsequently financed consumer appliances, furniture, radios and other durable goods, helping establish a business model centered on lending against commercial transactions and productive assets. CIT became a public company in 1924 and expanded into factoring in 1928. It also developed an international presence, although its foreign operations were later reduced, including the closure of its German business in 1934. Over the following decades, CIT pursued diversification through banking, leasing, consumer credit and several non-financial acquisitions. It acquired Picker X-Ray, Gibson Greeting Cards and other manufacturing-related businesses during the 1950s and 1960s, but later divested those operations. In 1969, it entered personal lending, home-equity lending and leasing while leaving automobile finance. Regulatory restrictions led it to sell its bank in 1979. Ownership changed repeatedly. RCA acquired CIT in 1980, Manufacturers Hanover Trust acquired it in 1984, and Dai-Ichi Kangyo Bank obtained a majority stake in 1989. CIT returned to the public markets in 1997, then expanded substantially through its 1999 acquisition of Newcourt Credit Group, a large leasing company. Tyco International acquired CIT in 2001 and renamed it Tyco Capital, but Tyco later divested the business through a 2002 public offering that restored the CIT Group identity. During the middle of the 2000s, CIT broadened its exposure to education lending, subprime mortgages, equipment finance and other specialized markets. Under chief executive Jeff Peek, its assets grew rapidly, but several acquisitions and lending businesses performed poorly as credit conditions deteriorated. CIT sold its home-lending division and a manufactured-housing loan portfolio in 2008. It became a bank holding company later that year and received capital through the Troubled Asset Relief Program. After the Federal Deposit Insurance Corporation declined to provide requested loan guarantees in July 2009, CIT obtained additional support from bondholders but filed for prepackaged Chapter 11 bankruptcy protection on November 1, 2009. The company emerged in December 2009 after a financial and governance restructuring. Following reorganization, CIT rebuilt itself around commercial lending, leasing, factoring, treasury services and banking. John Thain became chairman and chief executive in 2010, followed by Ellen Alemany in 2016. Major transactions included the acquisition of Direct Capital in 2014, OneWest Bank in 2015 and Mutual of Omaha Bank in 2020. CIT also sold businesses to simplify its portfolio, including its aircraft-leasing operation to Avolon in 2017 and European rail leasing in 2018. Its rail-leasing activities in North America operated under reporting marks including CEFX and CITX. First Citizens BancShares completed its acquisition of CIT in January 2022. CIT was subsequently integrated into First Citizens rather than continuing as an independent publicly traded company. Its banking and commercial-finance capabilities became part of the acquiring organization, marking the end of CIT Group as a standalone listed enterprise.
History
CIT began on February 11, 1908, when Henry Ittleson established the Commercial Credit and Investment Company in St. Louis to provide accounts-receivable finance to small companies. After moving to New York in 1915, the company adopted the Commercial Investment Trust name and broadened its lending to wholesalers and producers of consumer goods. Its 1916 automobile-finance agreement with Studebaker was an early example of manufacturer-linked vehicle finance. During World War I, CIT financed the production of submarine chasers, while its consumer division supported radio purchases through an arrangement involving Thomas Edison, Inc. The postwar consumer boom expanded CIT's appliance, furniture and automobile-finance businesses. The company incorporated in Delaware and completed an initial public offering on the New York Stock Exchange in 1924. It added factoring in 1928 and entered Europe in 1929, but closed its German operations in 1934 as international tensions increased. During World War II, CIT supported employees who entered military service with compensation and reemployment protections. Net income rose substantially between 1947 and 1950. CIT pursued diversification in the 1950s and 1960s, acquiring businesses such as Picker X-Ray and Gibson Greeting Cards and taking a stake in Meadow Brook Bank. In 1969, it entered personal and home-equity lending and leasing while exiting automobile finance. Banking regulation forced the sale of National Bank of North America in 1979. RCA acquired CIT in 1980 and sold its manufacturing subsidiaries. Manufacturers Hanover Trust purchased CIT in 1984, and Dai-Ichi Kangyo Bank acquired 60 percent of the company in 1989. The company expanded its commercial-finance franchise in the 1990s, including through the acquisition of Fidelcor Business Credit Corporation in 1991. It returned to public ownership in 1997 through an offering that raised $850 million and acquired Newcourt Credit Group in 1999 for approximately $4.2 billion. Newcourt made CIT one of the largest publicly traded leasing businesses of its time. Tyco International acquired CIT in 2001 and renamed it Tyco Capital. Tyco later separated the business through a 2002 initial public offering. CIT then expanded in technology leasing, education lending, subprime mortgages and other specialized finance. Rapid asset growth before the 2008 financial crisis left the company exposed to deteriorating credit conditions. It sold its home-lending unit and manufactured-housing portfolio in 2008, became a bank holding company and received TARP support. After unsuccessful efforts to obtain additional federal guarantees and a bondholder financing package, CIT filed for Chapter 11 in November 2009 and emerged the following month. The reorganized company appointed new independent directors, Peter J. Tobin as interim chief executive and John Thain as chairman and chief executive. CIT subsequently emphasized commercial banking, equipment finance, factoring, treasury management and specialized lending. It acquired Direct Capital, OneWest Bank and Mutual of Omaha Bank, while disposing of aircraft leasing, reverse-mortgage and European rail assets. First Citizens BancShares acquired CIT in January 2022, bringing its standalone corporate history to a close and incorporating its businesses into First Citizens.
- 2022
Acquired by First Citizens BancShares
[1]First Citizens completed the acquisition and integrated CIT into its operations.
- 2020
Mutual of Omaha Bank acquired
[1]The acquisition strengthened CIT's commercial and retail banking capabilities.
- 2015
OneWest Bank acquired
[1]CIT acquired OneWest Bank in a cash-and-stock transaction.
- 2009
Chapter 11 restructuring
[1]CIT filed for prepackaged Chapter 11 protection in November and emerged in December.
- 2002
Tyco divested CIT
[1]Tyco separated the business through a public offering of CIT shares.
- 2001
Acquired by Tyco
[1]Tyco International acquired CIT and renamed it Tyco Capital.
- 1999
Acquired Newcourt Credit Group
[1]The acquisition expanded CIT's leasing platform and international commercial-finance scale.
- 1997
Returned to public markets
[1]CIT completed an initial public offering that raised $850 million.
- 1928
Factoring business launched
[1]CIT began offering factoring services.
- 1924
Initial public offering
[1]CIT incorporated in Delaware and became publicly traded on the New York Stock Exchange.
Products and positioning
Specialist commercial-finance and banking provider focused on small businesses, middle-market companies and asset-based lending.
Business finance · 1908
Commercial lending
CIT provided loans and other credit facilities to small businesses and middle-market companies. Its commercial-finance model included working-capital support, receivables-based lending and financing tied to business assets and operating requirements.
Asset finance · 1969
Equipment finance and leasing
Equipment finance was a core CIT activity, covering business machinery, technology and other productive assets. The company also financed transportation assets, including railcars and locomotives, with North American rail activities associated with the CEFX and CITX reporting marks.
Working-capital finance · 1928
Factoring
CIT entered factoring in 1928, purchasing or financing eligible receivables to provide businesses with liquidity and credit-management support. The service reflected the company's original focus on receivables finance.
Banking · 2008
Commercial banking
Through CIT Bank and acquired banking platforms, the company offered deposit, lending, cash-management and treasury services to businesses and selected consumers. Its direct-bank structure complemented its specialized commercial-finance operations.
Transportation finance
Transportation finance
CIT financed and leased transportation assets, including rail equipment and aircraft. It later sold the aircraft-leasing business and its European rail-leasing operation, retaining a primarily North American commercial-finance focus before its acquisition by First Citizens.
Controversies
2009
Bankruptcy and federal-support controversy
CIT's exposure to weakened lending businesses and difficulty obtaining additional federal guarantees culminated in a prepackaged Chapter 11 filing. The company had already become a bank holding company and received TARP funding, making its failure and restructuring part of the broader financial-crisis debate.
Brand decisions
2022
Acquisition by First Citizens BancSharesM&ABackground
CIT remained a specialized commercial-finance and banking company after rebuilding from its 2009 bankruptcy, while First Citizens pursued expansion.
Action taken
First Citizens BancShares acquired CIT and integrated its operations.
Aftermath
CIT ceased to operate as an independent listed company and became part of First Citizens.
2017
Sale of aircraft leasing businessM&ABackground
CIT reviewed its portfolio and prioritized businesses more closely aligned with its commercial-banking and specialized-finance strategy.
Action taken
The company sold its aircraft-leasing operation to Avolon.
Aftermath
The disposal reduced CIT's exposure to aircraft ownership and leasing.
Transaction value. $10.38 billion (April 2017)
2015
Acquisition of OneWest BankM&ABackground
CIT sought to expand its banking platform and strengthen its deposit and commercial-banking capabilities.
Action taken
CIT acquired OneWest Bank using cash and stock.
Aftermath
The transaction increased CIT's banking scale, although CIT later sold the Financial Freedom reverse-mortgage business obtained through the deal.
Transaction value. $3.4 billion (August 2015)
2009
Prepackaged Chapter 11 restructuringStrategyBackground
CIT faced prolonged losses, constrained funding and unsuccessful efforts to obtain additional federal loan guarantees.
Action taken
CIT filed for Chapter 11 protection on November 1 after securing a restructuring framework with key creditors.
Aftermath
The company emerged on December 10 with a restructured balance sheet and seven new independent directors.
2008
Became a bank holding companyStrategyBackground
CIT sought access to capital-support mechanisms during the global financial crisis and converted to bank-holding-company status.
Action taken
The company changed its regulatory structure and received $2.33 billion through the Troubled Asset Relief Program.
Aftermath
The move did not resolve CIT's liquidity and credit problems, and the company later pursued bondholder support and bankruptcy reorganization.
TARP funding. $2.33 billion (December 2008)
Recent events
Reported
CIT wins three Stevie American Business Awards[3]
CIT announced that it had won three Stevie American Business Awards: Gold for Achievement in Management – Banking and Silver awards for FinTech Solution and Corporate Social Responsibility Program of the Year.
Reported
True Green Capital closes financing for New York solar portfolio[4]
True Green Capital Management announced that it had closed $42.8 million in debt financing and $41.1 million in tax equity financing to support the 70-megawatt NY Solar Farms community solar portfolio in New York State.
Sources4 sources
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