Profile: CIT Group Inc (CIT.N)
21 Oct 2016
CIT Group Inc. (CIT), incorporated on March 12, 2001, is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company's segments include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. The Company's products and services include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; import and export financing; asset-based loans; insurance services; credit protection; letters of credit/trade acceptances; debt restructuring; debt underwriting and syndication; mergers and acquisition advisory services (M&A); deposits, and secured lines of credit.
CIT provides a range of banking and related services to commercial and individual customers through its bank subsidiary, CIT Bank, N.A. (CIT Bank), which is a Utah-state chartered bank. CIT Bank raises deposits through its approximately 70 branch network and from retail and institutional customers through commercial channels, as well as its online bank (www.BankOnCIT.com) and through broker channels. Its suite of deposit products includes checking and savings accounts, Individual Retirement Accounts and Certificates of Deposit.
North America Banking
The Company's NAB segment consists of five divisions: Commercial Banking, Commercial Real Estate, Commercial Services, Equipment Finance and Consumer Banking. Commercial Banking provides a range of lending and deposit products, as well as ancillary services, including cash management and advisory services, to small and medium size businesses. Loans offered are senior secured loans collateralized by accounts receivable, inventory, machinery and equipment and intangibles. It provides financing to customers in a range of industries, including commercial and industrial; communications and technology; entertainment and media; energy, and healthcare. The division also originates qualified SBA 504 loans (generally for buying a building, ground-up construction, building renovation or the purchase of heavy machinery and equipment) and 7(a) loans (generally for working capital or financing leasehold improvements). Additionally, the division offers a suite of deposit and payment solutions to small and medium size businesses.
The Company's Commercial Real Estate provides senior secured commercial real estate loans to developers and other commercial real estate professionals. Commercial Services provides factoring, receivable management products, and secured financing to businesses (its clients, generally manufacturers or importers of goods) that operate in various industries, including apparel, textile, furniture, home furnishings and consumer electronics. Commercial Services also conducts business with clients and their customers internationally. Equipment Finance provides leasing and equipment financing solutions to small businesses and middle market companies in a range of industries on both a private label and direct basis. It provides financing solutions for its borrowers and lessees, and assist manufacturers and distributors by providing customized, finance solutions to their commercial clients. Its LendEdge platform allows small businesses to access financing through an automated credit approval, documentation and funding process. It offers loans and leases, both capital and operating leases.
The Company's Consumer Banking offers mortgage loans, deposits and private banking services to its consumer customers. The division offers jumbo residential mortgage loans and conforming residential mortgage loans in Southern California. Mortgage loans are originated through leads generated from the retail branch network, private bankers and the commercial business units. Mortgage lending includes product specialists, internal sales support and origination processing, structuring and closing. Retail banking is the primary deposit gathering business of CIT Bank and operates through approximately 70 retail branches in Southern California and an online direct channel. It offers a range of deposit and lending products to its clients (both individuals and small businesses), including checking, savings, certificates of deposit, residential mortgage loans, and investment advisory services. It also offers banking services to high net worth individuals.
Transportation & International Finance
The Company's TIF segment is a provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and has a maritime business. TIF consists of four divisions: Aerospace (Commercial Air and Business Air), Rail, Maritime Finance and International Finance. Commercial Air provides aircraft leasing, lending, asset management and advisory services. The division's clients include global and regional airlines around the world. Offices are located in the United States, Europe and Asia. Its commercial aerospace finances, leases and manages portfolio consisting of approximately 390 owned, finances and manages aircraft, which are placed with over 100 clients in approximately 50 countries.
The Company's Business Air offers financing and leasing programs for corporate and private owners of business jets. Serving clients around the world, it provides financing that is tailored to its clients' business requirements. Its products include term loans, leases, pre-delivery financing, fractional share financing and vendor/manufacturer financing. Rail offers customized leasing and financing solutions and a fleet of railcars and locomotives to railroads and shippers throughout North America and Europe. It serves over 650 customers, including all of the United States and Canadian Class I railroads, other railroads and non-rail companies, such as shippers and power and energy companies. Its operating lease fleet consists of over 128,000 railcars and approximately 390 locomotives. Railcar types include covered hopper cars used to ship grain and agricultural products, plastic pellets, sand, and cement, tank cars for energy products and chemicals, gondolas for coal, steel coil and mill service products, open hopper cars for coal and aggregates, boxcars for paper and auto parts and center beams and flat cars for lumber.
The Company's Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels, including tankers, bulkers, container ships, car carriers and offshore vessels and drilling rigs. International Finance offers equipment financing, secured lending and leasing to small and middle-market businesses in China and the United Kingdom.
Legacy Consumer Mortgages
The Company's LCM segment includes portfolios of SFR mortgage loans and reverse mortgage loans. The LCM segment offers interest on loans. LCM offers fund pre-existing commitments and performs loan modifications.
CIT Group Inc
1 Cit Dr
LIVINGSTON NJ 07039-5703
Company Web Links
- BRIEF-DNB Financial reports Q3 earnings per share $0.42
- BRIEF-CIT Group sets quarterly cash dividend of $0.15 per share
- Avolon Holdings to buy CIT Group's aircraft leasing unit for $10 billion
- UPDATE 4-Avolon buys CIT's $10 bln plane-leasing business in push for scale
- BRIEF-Avolon Holdings says to buy CIT Group's aircraft leasing business