Profile: CIT Group Inc (CIT.N)
28 Apr 2017
CIT Group Inc. (CIT), incorporated on March 12, 2001, is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company's segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other. The Company's products and services include account receivables collection, acquisition and expansion financing, asset management and servicing, asset-based loans, credit protection, cash management and payment services, debt restructuring, debt underwriting and syndication, deposits, enterprise value and cash flow loans, equipment leases, factoring services, financial risk management, import and export financing, insurance services, letters of credit/trade acceptances, merger and acquisition advisory services, residential mortgage loans and mortgage servicing, secured lines of credit, and small business administration (SBA) loans.
CIT provides a range of banking and related services to commercial and individual customers through its subsidiary, CIT Bank, N.A. (CIT Bank), which is a Utah-state chartered bank. As of December 31, 2016, CIT Bank operated 70 branches located in Southern California. Its deposit products include checking and savings accounts, individual retirement accounts and certificates of deposit.
The Commercial Banking segment consists of four divisions: Commercial Finance, Rail, Real Estate Finance, and Business Capital. Commercial Finance provides a range of commercial lending and deposit products, as well as ancillary services, including cash management and advisory services, primarily to small and middle market companies. Rail offers customized leasing and financing solutions, and a fleet of railcars and locomotives to railroads and shippers throughout North America and Europe. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals. Business Capital provides leasing and equipment financing to small businesses and middle market companies in a range of industries on both a private label and direct basis.
The Consumer Banking segment includes Retail Banking, Mortgage Lending, and SBA Lending (together referred to as Other Consumer Banking), and Legacy Consumer Mortgages (LCM). The Other Consumer Banking division offers residential mortgage lending and deposit products to its consumer customers. The division offers jumbo residential mortgage loans and conforming residential mortgage loans, in Southern California. Mortgage lending includes product specialists, internal sales support and origination processing, structuring and closing. 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. It offers a range of deposit and lending products along with payment solutions. LCM includes portfolios of single family residential mortgages, including reverse mortgages.
CIT Group Inc
1 Cit Dr
LIVINGSTON NJ 07039-5703
Company Web Links
- BRIEF-CIT announces cash tender offer for up to $2.75 mln of its common stock
- BRIEF-CIT Q1 earnings per share $0.80 excluding items
- BRIEF-CIT Group Inc redeems about $4.84 bln of unsecured debt
- BRIEF-CIT Group Steven Mnuchin received total compensation of $11.24 mln in 2016
- BRIEF-CIT agrees to sell stake in TC-CIT aviation joint ventures