215:
231:
387:. In 1958, to diversify, the company acquired Picker X-Ray Corporation, maker of X-ray and radiation equipment, for $ 1.9 million. In 1960, Walter Lundell succeeded Dietz as president of the company. In 1964, it acquired Gibson Greeting Cards for $ 36 million. In 1965, it acquired Meadow Brook Bank for $ 106.7 million in stock. In 1969, CIT entered the personal and home equity loan and leasing business and left auto financing. In 1979, restrictive banking rules forced CIT to sell its bank, National Bank of North America. CIT was acquired by
541:
223:
40:
391:
in 1980. RCA promptly sold CIT's four manufacturing businesses: Picker X-Ray, Inc., Gibson
Greeting Cards, Inc., All-Steel, Inc. (office furniture), and Raco, Inc. (wall boxes for electric switches and outlets.) The Madison Avenue building was sold in 1982 as the company moved to a newly constructed
464:, assets at CIT rose 77% from 2004 to the end of 2007 as it acquired companies in education lending and subprime mortgages. Those acquisitions turned out to be disastrous for the company and in the following eight quarters, CIT reported more than $ 3 billion in losses.
367:, CIT closed its German operations in 1934. Arthur O. Dietz succeeded Ittleson as president of the company in 1939. During the war, CIT offered its 2,000 employees a month's bonus, life insurance, and a guaranteed job on return if they served in the
320:. By that time, the company provided financing for wholesale suppliers and producers of consumer goods. The company added automobile financing to its product line in 1916 through an agreement with
685:"C. I. T. Acquires Picker X-Ray In Move Toward Diversification; Purchase Price Is About $ 1,900,000 Hartford Insurance Eyes Merger With Columbian National Life COMPANIES PLAN SALES, MERGERS"
2311:
2070:
435:
Tyco ran into operating troubles and sold or spun off non-core operations, including CIT. On July 8, 2002, Tyco completed its divestment of its Tyco
Capital business through an
1936:
424:
On
November 15, 1999, CIT acquired Toronto-based Newcourt Credit Group in a $ 4.2 billion transaction, which created one of the largest publicly owned leasing companies.
1887:
1532:
2316:
410:
In 1991, the company acquired
Fidelcor Business Credit Corporation, which increased its services to small businesses. In 1992, CIT opened 15 new offices in 7 states.
1037:
663:
2047:
1353:
1391:
1428:
929:
706:
1472:
684:
272:
loans, leasing, and advisory services principally to individuals, middle-market companies and small businesses, primarily in North
America. Under the
1926:
1493:
1333:
2296:
2017:
1882:
629:
1586:
954:
881:
1941:
1796:
1550:
371:. Between 1947 and 1950, the company's net income rose from $ 7.3 million to $ 30.8 million. Ittleson died at age 77 on October 27, 1948.
1987:
1748:
1604:
340:
rose dramatically and CIT prospered in its consumer appliance, furniture, and automobile financing groups. In 1924, CIT incorporated in
2032:
1956:
526:, was named interim chief executive officer, replacing Jeff Peek, who resigned effective January 15, 2010. On February 8, 2010, former
1016:
2212:
2042:
1670:
2326:
2321:
2271:
1872:
1725:
1207:
509:
1409:
1966:
1763:
480:
loan portfolio, with a face value of $ 470 million in loans, to
Vanderbilt Mortgage and Finance for approximately $ 300 million.
2291:
2286:
2281:
2276:
1753:
2301:
2222:
1951:
1921:
1842:
502:
495:
1982:
1837:
1703:
860:
1295:
1117:
2306:
2127:
2012:
1047:
2022:
2007:
1931:
995:
1568:
1228:
597:
In
October 2018, the company sold its European rail leasing business, NACCO, which was its last overseas operation.
2250:
1877:
1708:
1093:
590:
In
October 2017, the company sold Financial Freedom, acquired as part of the acquisition of OneWest Bank, and its
2205:
1698:
1312:
2245:
2122:
1857:
1852:
774:
2027:
1961:
1862:
1663:
1640:
488:
269:
1946:
1758:
1512:
1250:
1139:
2331:
400:
214:
1732:
1450:
380:
368:
332:. It also added consumer financing of radios through an agreement with Thomas Edison, Inc. During the
2142:
2052:
1720:
1693:
604:
293:
249:
192:
518:
As part of the reorganization plan, CIT named seven new independent directors. On
January 19, 2010,
2137:
1892:
1768:
1656:
839:
1847:
1715:
1456:
1161:
913:
823:
758:
735:
454:
436:
418:
353:
349:
449:
In 2006, CIT moved its global headquarters back to New York City, opening a new headquarters at
1867:
393:
2217:
2164:
2117:
1371:
450:
309:
On
February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in
234:
230:
107:
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1449:
1249:
1206:
1138:
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928:
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816:
773:
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2240:
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for $ 1.5 billion in cash and the assumption of $ 4.4 billion in debt and the sale of its
8:
2200:
2132:
1122:
1071:
974:
357:
310:
261:
253:
179:
175:
171:
89:
729:
432:
In 2001, Tyco acquired CIT for $ 9.2 billion in stock. CIT was renamed as Tyco Capital.
2182:
2158:
1816:
1789:
1494:"Avolon Completes US$ 10.38 Billion Acquisition of CIT Group Aircraft Leasing Business"
1478:
1317:
1256:
1213:
1113:
1098:
1077:
1000:
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935:
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712:
690:
635:
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523:
163:
112:
67:
2227:
1145:
907:
337:
329:
817:
752:
1281:
1191:
591:
333:
707:"C.I.T. PURCHASES GIBSON GREETING; Financing Concern Getting Oldest Card Producer"
501:
On July 19, 2009, the company received $ 3 billion from its bondholders including
2176:
1679:
1517:
866:
780:
473:
388:
257:
1533:"CIT Reaches Agreement to Sell Financial Freedom and Reverse Mortgage Portfolio"
472:
On July 1, 2008, the company announced the sale of its home lending division to
316:
In 1915, the company moved its headquarters to New York City and renamed itself
2091:
2037:
1821:
1042:
940:
891:
795:
580:
553:
519:
414:
345:
285:
273:
187:
167:
252:, is an American financial services company. It provides financing, including
2265:
1806:
1801:
1784:
1497:
1413:
1395:
1357:
569:
527:
265:
135:
1140:"CIT Group's troubles could weigh heavily on retailers this holiday season"
549:
364:
281:
1271:
540:
2170:
1811:
1608:
1590:
1554:
1536:
958:
930:"COMPANY NEWS; CIT TO BUY LEASING UNIT FROM GATX FOR ABOUT $ 200 MILLION"
552:, established in 2009 by a consortium of private equity investors led by
325:
289:
24:
565:
531:
321:
277:
53:
461:
384:
20:
2086:
1354:"CIT Names Director Peter J. Tobin Interim Chief Executive Officer"
1276:
1181:
844:
341:
1648:
1433:
1338:
1166:
1021:
753:"CIT to Acquire Newcourt Credit In Stock Deal for $ 4.12 Billion"
668:
815:
Deogun, Nikhil; Lipin, Steven; Maremont, Mark (March 13, 2001).
222:
2071:
List of banks acquired or bankrupted during the Great Recession
1392:"CIT Agrees to Acquire Technology-Driven Lender Direct Capital"
584:
515:
On December 10, 2009, CIT emerged from bankruptcy protection.
508:
On November 1, 2009, CIT filed a prepackaged bankruptcy under
439:, via the sale of 100% of the common shares in CIT Group Inc.
908:"Tyco Posts $ 2.32 Billion Loss, Cites Downturn, CIT Spinoff"
442:
In 2004, the company acquired the technology-leasing unit of
1906:
1448:
Ensign, Rachel Louise; Rudegeair, Peter (October 21, 2015).
288:
and shipping companies in North America. It also operates a
1473:"John Thain of CIT Group Will Step Down as Chief Executive"
1186:
818:"Tyco International to Acquire CIT Group for $ 9.2 Billion"
443:
63:
39:
775:"Credit gambit: CIT Group Inc. agreed to acquire Newcourt"
403:. In 1989, Manufacturers Hanover Trust sold 60% of CIT to
1937:
Dodd–Frank Wall Street Reform and Consumer Protection Act
1376:
1233:
800:
750:
Greenberg, Larry M.; Zuckerman, Gregory (March 9, 1999).
664:"CHRONOLOGY: A century of CIT, from St Louis to New York"
148:
140:
2312:
Companies that filed for Chapter 11 bankruptcy in 2009
2048:
National fiscal policy response to the Great Recession
379:
In 1957, the company moved into a new building at 650
360:
in 1928 and expanded operations into Europe in 1929.
324:, the first of its kind in the auto industry. During
1334:"CIT shares rise as company emerges from bankruptcy"
955:"CIT Opens New Global Headquarters in New York City"
600:
In January 2020, CIT acquired Mutual of Omaha Bank.
1587:"CIT Completes Acquisition of Mutual of Omaha Bank"
1118:"CIT Group Closer to Bankruptcy as U.S. Denies Aid"
814:
537:In June 2014, the company acquired Direct Capital.
534:was hired as chairman and chief executive officer.
313:to finance accounts receivable at small companies.
2167:(Europe, Middle East and North Africa, Asia; 2009)
1551:"CIT Completes Sale of its European Rail Business"
906:
749:
728:
705:
683:
628:
2317:Financial services companies of the United States
1627:
1429:"OneWest completes acquisition of Indymac Assets"
544:OneWest Bank Headquarters in Pasadena, California
203:
2263:
1975:
1605:"First Citizens Completes Merger With CIT Group"
1036:Taub, Stephen; Harris, Roy (December 23, 2008).
467:
1569:"CIT buys Mutual of Omaha Bank for $ 1 billion"
1447:
1402:
1272:"Commercial lending giant CIT files bankruptcy"
1208:"CIT to Avert Bankruptcy With $ 3 Billion Loan"
1182:"CIT Group Confirms $ 3 Billion Financing Deal"
16:American banking and financial services company
2018:American Recovery and Reinvestment Act of 2009
1883:Office of Federal Housing Enterprise Oversight
861:"Tyco calls its plans to split up "a mistake'"
1664:
1248:de la Merced, Michael J. (November 1, 2009).
304:
1942:Emergency Economic Stabilization Act of 2008
1637:Historical business data for CIT Group Inc.:
1247:
1204:
1068:
487:to receive $ 2.33 billion in funds from the
363:With international tensions rising prior to
1410:"CIT Completes Acquisition of OneWest Bank"
1229:"CIT files for 5th largest U.S. bankruptcy"
1162:"CIT clinches deal to stave off bankruptcy"
996:"CIT Sells Home Loan Business to Lone Star"
237:: CIT Group's Headquarters in New York City
2079:
2033:Fraud Enforcement and Recovery Act of 2009
1957:Term Asset-Backed Securities Loan Facility
1671:
1657:
1426:
1205:DE LA MERCED, MICHAEL J. (July 20, 2009).
1069:de la Merced, Michael J. (July 15, 2009).
1038:"CIT to Qualify for $ 2.33B in TARP Funds"
1035:
1017:"CIT to shed $ 10 billion mortgage assets"
882:"Tyco raises $ 4.6-billion in CIT spinoff"
2213:Effects of the Great Recession on museums
2043:Housing and Economic Recovery Act of 2008
1927:China–Japan–South Korea trilateral summit
1511:Broughton, Kristin (September 26, 2017).
1510:
1372:"Former Merrill chief tapped to head CIT"
1112:
840:"Tyco set to acquire finance company CIT"
658:
656:
654:
652:
650:
648:
646:
1907:Government policy and spending responses
1873:Government National Mortgage Association
971:
904:
539:
229:
221:
213:
1967:2008 United Kingdom bank rescue package
1331:
1313:"CIT Leaves Bankruptcy, With Questions"
1251:"CIT to Test Speed of Bankruptcy Court"
626:
556:, for $ 3.4 billion in cash and stock.
292:. In January 2022, CIT was acquired by
2297:American companies established in 1908
2264:
1513:"How Ellen Alemany is reinventing CIT"
1159:
1014:
975:"A Lender Gets Caught in the Currents"
726:
643:
622:
620:
548:On August 3, 2015, CIT Group acquired
328:, CIT financed the manufacture of 150
1952:Temporary Liquidity Guarantee Program
1922:Banking (Special Provisions) Act 2008
1905:
1843:Federal Deposit Insurance Corporation
1652:
1136:
603:In January 2022, CIT was acquired by
503:Pacific Investment Management Company
496:Federal Deposit Insurance Corporation
1838:Consumer Financial Protection Bureau
1427:Chernikoff, Helen (March 19, 2009).
1091:
837:
579:In April 2017, the company sold its
494:On July 15, 2009, CIT's request for
2128:Collateralized mortgage obligations
1678:
1332:Lagorio, Juan (December 10, 2009).
1072:"CIT Says It Won't Get More US Aid"
727:REEVES, SCOTT (December 15, 1997).
627:Arenson, Karen W. (July 27, 1979).
617:
13:
1160:Bansal, Paritosh (July 19, 2009).
1137:Jones, Sandra M. (July 15, 2009).
559:
14:
2343:
2223:2007–2008 world food price crisis
2023:Chinese economic stimulus program
2008:2008 European Union stimulus plan
1932:Commercial Paper Funding Facility
1619:
1451:"John Thain to Retire as CIT CEO"
1301:. PacerMonitor. November 1, 2009.
446:for about $ 200 million in cash.
318:Commercial Investment Trust (CIT)
2251:List of countries by public debt
1878:National Asset Management Agency
905:Maremont, Mark (July 24, 2002).
838:Chin, Spencer (March 13, 2001).
374:
38:
2327:Rolling stock leasing companies
2322:American corporate subsidiaries
2272:1908 establishments in Missouri
2206:2008 Central Asia energy crisis
2123:Collateralized debt obligations
1597:
1579:
1561:
1543:
1525:
1504:
1486:
1464:
1441:
1420:
1384:
1364:
1346:
1325:
1305:
1296:"CIT Group Chapter 11 Petition"
1288:
1264:
1241:
1221:
1198:
1174:
1153:
1130:
1106:
1085:
1062:
1029:
1015:Comlay, Elinor (July 1, 2008).
1008:
988:
972:Creswell, Julie (May 4, 2008).
965:
947:
921:
898:
874:
852:
831:
630:"C.I.T. Likes to Take Its Time"
483:In December 2008, CIT became a
2013:2008–2009 Keynesian resurgence
1858:Federal Housing Finance Agency
1853:Federal Housing Administration
808:
788:
766:
743:
720:
698:
676:
498:loan guarantees was rejected.
427:
413:In 1997, the company became a
218:Two CEFX switching locomotives
1:
2292:2002 initial public offerings
2287:2022 mergers and acquisitions
2282:2001 mergers and acquisitions
2277:1997 initial public offerings
2028:Economic Stimulus Act of 2008
1962:Troubled Asset Relief Program
1888:Office of Financial Stability
1863:Federal Housing Finance Board
1797:Société Générale trading loss
1092:Barr, Colin (July 15, 2009).
610:
568:retired and was succeeded by
505:(PIMCO) to delay bankruptcy.
489:Troubled Asset Relief Program
468:Bankruptcy and reorganization
270:Small Business Administration
2302:Banks based in New York City
1947:Irish emergency budget, 2009
796:"Tyco buying CIT for $ 9.2B"
460:Under the leadership of CEO
79:; 116 years ago
7:
421:that raised $ 850 million.
401:Manufacturers Hanover Trust
10:
2348:
2246:2007–2008 financial crisis
2138:Mortgage-backed securities
1749:Automotive industry crisis
369:United States Armed Forces
305:Founding and early history
299:
18:
2307:Banks established in 1908
2236:
2193:
2151:
2143:Secondary mortgage market
2108:
2064:rescues, and acquisitions
2062:Government interventions,
2061:
2053:Zero interest-rate policy
2000:
1912:
1901:
1830:
1777:
1764:Housing market correction
1741:
1686:
605:First Citizens BancShares
399:In 1984, CIT was sold to
392:headquarters facility in
294:First Citizens BancShares
250:First Citizens BancShares
198:
193:First Citizens BancShares
186:
159:
129:
119:
103:
95:
73:
59:
49:
37:
2161:(United States; c. 2009)
1893:UK Financial Investments
1778:Banking losses and fraud
1769:Subprime mortgage crisis
1754:California budget crisis
1094:"CIT: No bailout for us"
19:Not to be confused with
2179:(worldwide; 2011–2012)
2118:Auction rate securities
1848:Federal Home Loan Banks
1457:The Wall Street Journal
914:The Wall Street Journal
824:The Wall Street Journal
759:The Wall Street Journal
455:New York Public Library
437:initial public offering
419:initial public offering
354:New York Stock Exchange
350:initial public offering
155:(President of CIT Bank)
44:Company logo since 2018
1868:Federal Reserve System
1742:United States-specific
545:
394:Livingston, New Jersey
238:
227:
219:
2218:Decline of newspapers
2165:2009 May Day protests
2111:and financial markets
2001:Stimulus and recovery
587:for $ 10.38 billion.
543:
356:. CIT began offering
235:Salmon Tower Building
233:
225:
217:
2241:European debt crisis
2133:Credit default swaps
2109:Securities involved
1915:stability and reform
1321:. December 10, 2009.
870:. September 3, 2005.
485:bank holding company
478:manufactured housing
405:Dai-Ichi Kangyo Bank
176:Commercial mortgages
2201:2000s energy crisis
1913:Banking and finance
1831:Government entities
1482:. October 22, 2015.
1380:. February 8, 2010.
1360:. January 19, 2010.
1284:. November 1, 2009.
1237:. November 1, 2009.
1123:The Washington Post
1114:Appelbaum, Binyamin
716:. January 10, 1964.
672:. November 1, 2009.
564:In March 2016, CEO
451:11 West 42nd Street
336:following the war,
311:St. Louis, Missouri
262:treasury management
248:), a subsidiary of
172:Asset-based lending
108:11 West 42nd Street
90:St. Louis, Missouri
34:
2332:Tyco International
2183:Occupy Wall Street
2159:Tea Party protests
1817:Scott W. Rothstein
1611:. January 4, 2022.
1593:. January 2, 2020.
1575:. January 2, 2020.
1557:. October 5, 2018.
1539:. October 6, 2017.
1479:The New York Times
1318:The New York Times
1257:The New York Times
1214:The New York Times
1078:The New York Times
1050:on January 6, 2022
1001:The New York Times
981:The New York Times
936:The New York Times
887:The Globe and Mail
713:The New York Times
691:The New York Times
636:The New York Times
574:board of directors
572:, a member of the
546:
524:board of directors
522:, a member of the
453:, across from the
239:
228:
220:
182:Locomotive leasing
164:Commercial banking
139:(Chairwoman &
113:New York, New York
68:Financial services
32:
2259:
2258:
2228:Retail apocalypse
2173:(MENA; 2010–2012)
2104:
2103:
2100:
2099:
1996:
1995:
1976:Bank stress tests
1607:(Press release).
1589:(Press release).
1535:(Press release).
1496:(Press release).
1416:. August 3, 2015.
1412:(Press release).
1394:(Press release).
1356:(Press release).
1146:Los Angeles Times
1116:(July 16, 2009).
961:. April 27, 2006.
957:(Press release).
943:. April 16, 2004.
804:. March 13, 2001.
694:. August 2, 1958.
338:consumer spending
330:submarine chasers
212:
211:
2339:
2152:Social responses
2077:
2076:
1973:
1972:
1903:
1902:
1673:
1666:
1659:
1650:
1649:
1631:
1630:
1628:Official website
1613:
1612:
1601:
1595:
1594:
1583:
1577:
1576:
1565:
1559:
1558:
1547:
1541:
1540:
1529:
1523:
1522:
1508:
1502:
1501:
1500:. April 4, 2017.
1490:
1484:
1483:
1475:
1468:
1462:
1461:
1453:
1445:
1439:
1438:
1424:
1418:
1417:
1406:
1400:
1399:
1398:. June 24, 2014.
1388:
1382:
1381:
1368:
1362:
1361:
1350:
1344:
1343:
1329:
1323:
1322:
1309:
1303:
1302:
1300:
1292:
1286:
1285:
1282:Associated Press
1268:
1262:
1261:
1253:
1245:
1239:
1238:
1225:
1219:
1218:
1210:
1202:
1196:
1195:
1194:. July 20, 2009.
1192:Associated Press
1178:
1172:
1171:
1157:
1151:
1150:
1142:
1134:
1128:
1127:
1110:
1104:
1103:
1089:
1083:
1082:
1074:
1066:
1060:
1059:
1057:
1055:
1046:. Archived from
1033:
1027:
1026:
1012:
1006:
1005:
992:
986:
985:
977:
969:
963:
962:
951:
945:
944:
932:
925:
919:
918:
910:
902:
896:
895:
878:
872:
871:
863:
856:
850:
849:
835:
829:
828:
820:
812:
806:
805:
792:
786:
785:
784:. March 8, 1999.
777:
770:
764:
763:
755:
747:
741:
740:
732:
730:"Best and Worst"
724:
718:
717:
709:
702:
696:
695:
687:
680:
674:
673:
660:
641:
640:
632:
624:
592:reverse mortgage
334:Roaring Twenties
276:CEFX, it leases
226:Logo of CIT Bank
208:
205:
87:
85:
80:
42:
35:
31:
2347:
2346:
2342:
2341:
2340:
2338:
2337:
2336:
2262:
2261:
2260:
2255:
2232:
2189:
2177:Occupy movement
2147:
2110:
2096:
2075:
2063:
2057:
1992:
1971:
1914:
1908:
1897:
1826:
1773:
1737:
1682:
1680:Great Recession
1677:
1645:
1626:
1625:
1622:
1617:
1616:
1603:
1602:
1598:
1585:
1584:
1580:
1567:
1566:
1562:
1549:
1548:
1544:
1531:
1530:
1526:
1518:American Banker
1509:
1505:
1492:
1491:
1487:
1470:
1469:
1465:
1446:
1442:
1425:
1421:
1408:
1407:
1403:
1390:
1389:
1385:
1370:
1369:
1365:
1352:
1351:
1347:
1330:
1326:
1311:
1310:
1306:
1298:
1294:
1293:
1289:
1270:
1269:
1265:
1246:
1242:
1227:
1226:
1222:
1203:
1199:
1180:
1179:
1175:
1158:
1154:
1135:
1131:
1111:
1107:
1090:
1086:
1067:
1063:
1053:
1051:
1034:
1030:
1013:
1009:
1004:. July 1, 2008.
994:
993:
989:
970:
966:
953:
952:
948:
927:
926:
922:
903:
899:
894:. July 2, 2002.
880:
879:
875:
867:Tampa Bay Times
858:
857:
853:
836:
832:
813:
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