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CIT.com, or CIT Group Inc., is a financial holding company that provides financing and advisory services to small and middle-market businesses. The company was founded in 1908 and is headquartered in New York City.
CIT Group Inc. has a rich history, with roots dating back to the early 20th century. It was originally established as the Commercial Credit and Investment Company in St. Louis, Missouri, in 1908. The company initially focused on providing financing to manufacturers of vehicles and other equipment. In 1915, the company moved its headquarters to New York City and changed its name to the Commercial Investment Trust.
Over the years, the company expanded its services to include financing for a wide range of industries, including transportation, real estate, and healthcare. In 1984, the company changed its name again to the CIT Group Inc. to reflect its broader focus.
In 2001, CIT Group Inc. became a subsidiary of Tyco International, a diversified global company. However, in 2002, CIT Group Inc. was spun off as a separate publicly traded company. Since then, CIT Group Inc. has undergone several changes in ownership and structure.
In 2015, CIT Group Inc. announced its acquisition of OneWest Bank, a California-based bank with more than 70 retail branches. The acquisition significantly expanded CIT’s presence in the West Coast market and increased its focus on commercial banking. In 2019, CIT Group Inc. announced its merger with First Citizens Bancshares, a financial holding company based in North Carolina. The merger created one of the largest financial institutions in the United States, with approximately $100 billion in assets.
CIT Group Inc. offers a range of financial services, including commercial lending, leasing, and advisory services. The company’s commercial lending division provides financing to small and middle-market businesses for various purposes, such as working capital, equipment purchases, and real estate investments. The leasing division offers leasing and equipment financing solutions for various industries, such as transportation, healthcare, and construction.
CIT Group Inc. also provides advisory services through its CIT Capital Securities LLC subsidiary. This division offers mergers and acquisitions advice, capital raising solutions, and other strategic advisory services to clients across various industries.
CIT Group Inc. is known for its innovative approach to financial services. The company has launched several initiatives to support small businesses and entrepreneurs. In 2016, CIT Group Inc. launched its Small Business Solutions platform, which provides financing and other support services to small businesses. The platform offers various financing solutions, including lines of credit, term loans, and equipment financing. It also provides educational resources and tools to help small business owners grow and succeed.
In 2020, CIT Group Inc. launched its Impact Finance unit, which focuses on providing financing solutions for businesses with a social or environmental mission. The unit offers financing for various purposes, such as affordable housing, renewable energy, and sustainable agriculture.
CIT Group Inc. is also committed to corporate social responsibility. The company has launched several initiatives to support the communities in which it operates. For example, in 2020, CIT Group Inc. announced a $1 million commitment to support COVID-19 relief efforts. The company also supports various educational and workforce development programs, such as its CIT Foundation’s Pathways to Career Success initiative, which provides job training and mentoring to underserved youth.
CIT Group Inc. is a financial holding company that provides financing and advisory services to small and middle-market businesses. The company has a rich history dating back over a century and has undergone several changes in ownership and structure. CIT Group Inc. is known for its innovative approach to financial services and its commitment to corporate social responsibility.
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