September 18, 2008 / 5:40 PM / 11 years ago

UPDATE 1-CIT secures $500 mln loan, raises deposits

(New throughout, adds dateline)

NEW YORK, Sept 18 (Reuters) - Commercial lender CIT Group Inc (CIT.N) said on Thursday it has an agreement for a $500 million credit facility from Wells Fargo Bank (WFC.N) and has raised more than that amount in bank deposits since July.

In a statement, CIT said the five-year Wells Fargo facility will fund loans for mid-sized companies.

In addition, the company’s CIT Bank, based in Salt Lake City, Utah, has been raised more than $500 million in deposits since July, it said.

Earlier this month, Chief Executive Jeffrey Peek said the company was no longer looking to sell its $4.5 billion railcar leasing unit. The company secured $3 billion in financing from Goldman Sachs in June. (Reporting by Elinor Comlay, editing by Richard Chang)

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