226:
242:
398:. 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
552:
234:
51:
402:
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
475:, 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.
378:, 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
2322:
2081:
1947:
331:. 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
1898:
2327:
696:"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"
2058:
446:
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
1937:
435:
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.
1543:
421:
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.
2307:
2028:
1893:
1807:
1048:
674:
1952:
1759:
1998:
1364:
2043:
1967:
1402:
1439:
940:
717:
2223:
2053:
1681:
1483:
695:
283:
loans, leasing, and advisory services principally to individuals, middle-market companies and small businesses, primarily in North
America. Under the
1736:
2337:
2332:
2282:
1883:
520:
1977:
1774:
1504:
1344:
1764:
2302:
2297:
2292:
2287:
2233:
640:
2312:
1962:
1932:
1853:
513:
506:
1597:
965:
892:
1993:
1848:
1714:
1561:
382:. 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.
1615:
351:
rose dramatically and CIT prospered in its consumer appliance, furniture, and automobile financing groups. In 1924, CIT incorporated in
2023:
537:, was named interim chief executive officer, replacing Jeff Peek, who resigned effective January 15, 2010. On February 8, 2010, former
2317:
2138:
1027:
2033:
2018:
1942:
1218:
1420:
225:
2261:
1888:
1719:
491:
loan portfolio, with a face value of $ 470 million in loans, to
Vanderbilt Mortgage and Finance for approximately $ 300 million.
2216:
1709:
2256:
2133:
1868:
1863:
2038:
1972:
1873:
1674:
871:
499:
280:
1957:
1769:
1306:
1128:
2342:
1058:
411:
1006:
1579:
1239:
608:
In
October 2018, the company sold its European rail leasing business, NACCO, which was its last overseas operation.
1743:
1104:
391:
379:
601:
In
October 2017, the company sold Financial Freedom, acquired as part of the acquisition of OneWest Bank, and its
241:
2153:
2063:
1731:
1704:
615:
304:
260:
203:
1323:
2148:
1903:
1779:
1667:
785:
1651:
1858:
1726:
1467:
924:
834:
769:
746:
465:
447:
429:
364:
360:
1523:
1261:
1878:
1150:
404:
2228:
2175:
2128:
461:
245:
118:
1461:
343:. It also added consumer financing of radios through an agreement with Thomas Edison, Inc. During the
2251:
495:
488:
415:
529:
As part of the reorganization plan, CIT named seven new independent directors. On
January 19, 2010,
2211:
2143:
1133:
850:
368:
321:
272:
264:
190:
186:
182:
100:
2193:
2169:
1827:
1800:
1489:
1328:
1267:
1224:
1172:
1124:
1109:
1088:
1011:
991:
946:
897:
723:
701:
646:
584:
534:
174:
123:
78:
460:
In 2006, CIT moved its global headquarters back to New York City, opening a new headquarters at
2238:
1156:
348:
340:
1382:
320:
On
February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in
1482:
1460:
1292:
1260:
1217:
1202:
1149:
1081:
984:
939:
870:
827:
784:
762:
602:
344:
2187:
1690:
1528:
877:
791:
487:
for $ 1.5 billion in cash and the assumption of $ 4.4 billion in debt and the sale of its
484:
399:
268:
1082:
985:
740:
551:
443:
In 2001, Tyco acquired CIT for $ 9.2 billion in stock. CIT was renamed as Tyco Capital.
2102:
2048:
1832:
1505:"Avolon Completes US$ 10.38 Billion Acquisition of CIT Group Aircraft Leasing Business"
1053:
951:
902:
591:
564:
530:
425:
356:
296:
284:
198:
178:
2276:
1817:
1812:
1795:
1508:
1424:
1406:
1368:
918:
580:
538:
276:
146:
828:
763:
560:
375:
292:
718:"C.I.T. PURCHASES GIBSON GREETING; Financing Concern Getting Oldest Card Producer"
512:
On July 19, 2009, the company received $ 3 billion from its bondholders including
2181:
1822:
1619:
1601:
1565:
1547:
1544:"CIT Reaches Agreement to Sell Financial Freedom and Reverse Mortgage Portfolio"
969:
483:
On July 1, 2008, the company announced the sale of its home lending division to
336:
327:
In 1915, the company moved its headquarters to New York City and renamed itself
300:
35:
806:
576:
542:
332:
288:
263:, is an American financial services company. It provides financing, including
64:
472:
395:
31:
1151:"CIT Group's troubles could weigh heavily on retailers this holiday season"
233:
1282:
2097:
1287:
941:"COMPANY NEWS; CIT TO BUY LEASING UNIT FROM GATX FOR ABOUT $ 200 MILLION"
855:
563:, established in 2009 by a consortium of private equity investors led by
352:
17:
1444:
1349:
1177:
1032:
679:
595:
50:
1365:"CIT Names Director Peter J. Tobin Interim Chief Executive Officer"
1192:
1659:
224:
764:"CIT to Acquire Newcourt Credit In Stock Deal for $ 4.12 Billion"
1197:
826:
Deogun, Nikhil; Lipin, Steven; Maremont, Mark (March 13, 2001).
454:
74:
2082:
List of banks acquired or bankrupted during the Great Recession
1916:
1663:
1403:"CIT Agrees to Acquire Technology-Driven Lender Direct Capital"
1387:
1244:
811:
526:
On December 10, 2009, CIT emerged from bankruptcy protection.
519:
On November 1, 2009, CIT filed a prepackaged bankruptcy under
450:, via the sale of 100% of the common shares in CIT Group Inc.
159:
151:
919:"Tyco Posts $ 2.32 Billion Loss, Cites Downturn, CIT Spinoff"
453:
In 2004, the company acquired the technology-leasing unit of
1459:
Ensign, Rachel Louise; Rudegeair, Peter (October 21, 2015).
299:
and shipping companies in North America. It also operates a
1484:"John Thain of CIT Group Will Step Down as Chief Executive"
829:"Tyco International to Acquire CIT Group for $ 9.2 Billion"
786:"Credit gambit: CIT Group Inc. agreed to acquire Newcourt"
414:. In 1989, Manufacturers Hanover Trust sold 60% of CIT to
1948:
Dodd–Frank Wall Street Reform and Consumer Protection Act
761:
Greenberg, Larry M.; Zuckerman, Gregory (March 9, 1999).
675:"CHRONOLOGY: A century of CIT, from St Louis to New York"
2323:
Companies that filed for Chapter 11 bankruptcy in 2009
2059:
National fiscal policy response to the Great Recession
390:
In 1957, the company moved into a new building at 650
371:
in 1928 and expanded operations into Europe in 1929.
335:, the first of its kind in the auto industry. During
1345:"CIT shares rise as company emerges from bankruptcy"
966:"CIT Opens New Global Headquarters in New York City"
611:
In January 2020, CIT acquired Mutual of Omaha Bank.
2204:
2162:
2119:
2090:
2072:
2011:
1986:
1923:
1841:
1788:
1752:
1697:
1598:"CIT Completes Acquisition of Mutual of Omaha Bank"
1129:"CIT Group Closer to Bankruptcy as U.S. Denies Aid"
548:In June 2014, the company acquired Direct Capital.
545:was hired as chairman and chief executive officer.
324:to finance accounts receivable at small companies.
209:
197:
170:
140:
130:
114:
106:
84:
70:
60:
2178:(Europe, Middle East and North Africa, Asia; 2009)
1562:"CIT Completes Sale of its European Rail Business"
917:
739:
716:
694:
639:
2328:Financial services companies of the United States
1638:
1440:"OneWest completes acquisition of Indymac Assets"
555:OneWest Bank Headquarters in Pasadena, California
214:
1616:"First Citizens Completes Merger With CIT Group"
1047:Taub, Stephen; Harris, Roy (December 23, 2008).
1580:"CIT buys Mutual of Omaha Bank for $ 1 billion"
1283:"Commercial lending giant CIT files bankruptcy"
1219:"CIT to Avert Bankruptcy With $ 3 Billion Loan"
1193:"CIT Group Confirms $ 3 Billion Financing Deal"
27:American banking and financial services company
2029:American Recovery and Reinvestment Act of 2009
1894:Office of Federal Housing Enterprise Oversight
872:"Tyco calls its plans to split up "a mistake'"
1675:
1259:de la Merced, Michael J. (November 1, 2009).
8:
1953:Emergency Economic Stabilization Act of 2008
1648:Historical business data for CIT Group Inc.:
498:to receive $ 2.33 billion in funds from the
374:With international tensions rising prior to
43:
1421:"CIT Completes Acquisition of OneWest Bank"
1240:"CIT files for 5th largest U.S. bankruptcy"
1173:"CIT clinches deal to stave off bankruptcy"
1007:"CIT Sells Home Loan Business to Lone Star"
248:: CIT Group's Headquarters in New York City
2087:
2044:Fraud Enforcement and Recovery Act of 2009
1983:
1968:Term Asset-Backed Securities Loan Facility
1913:
1682:
1668:
1660:
1216:DE LA MERCED, MICHAEL J. (July 20, 2009).
1080:de la Merced, Michael J. (July 15, 2009).
1049:"CIT to Qualify for $ 2.33B in TARP Funds"
1028:"CIT to shed $ 10 billion mortgage assets"
893:"Tyco raises $ 4.6-billion in CIT spinoff"
42:
2224:Effects of the Great Recession on museums
2054:Housing and Economic Recovery Act of 2008
1938:China–Japan–South Korea trilateral summit
1522:Broughton, Kristin (September 26, 2017).
1383:"Former Merrill chief tapped to head CIT"
851:"Tyco set to acquire finance company CIT"
669:
667:
665:
663:
661:
659:
657:
1918:Government policy and spending responses
1884:Government National Mortgage Association
550:
240:
232:
1978:2008 United Kingdom bank rescue package
1324:"CIT Leaves Bankruptcy, With Questions"
1262:"CIT to Test Speed of Bankruptcy Court"
627:
567:, for $ 3.4 billion in cash and stock.
303:. In January 2022, CIT was acquired by
2308:American companies established in 1908
1524:"How Ellen Alemany is reinventing CIT"
986:"A Lender Gets Caught in the Currents"
633:
631:
559:On August 3, 2015, CIT Group acquired
339:, CIT financed the manufacture of 150
1963:Temporary Liquidity Guarantee Program
1933:Banking (Special Provisions) Act 2008
1854:Federal Deposit Insurance Corporation
614:In January 2022, CIT was acquired by
514:Pacific Investment Management Company
507:Federal Deposit Insurance Corporation
7:
1849:Consumer Financial Protection Bureau
1438:Chernikoff, Helen (March 19, 2009).
590:In April 2017, the company sold its
505:On July 15, 2009, CIT's request for
2139:Collateralized mortgage obligations
1343:Lagorio, Juan (December 10, 2009).
1083:"CIT Says It Won't Get More US Aid"
738:REEVES, SCOTT (December 15, 1997).
638:Arenson, Karen W. (July 27, 1979).
1171:Bansal, Paritosh (July 19, 2009).
1148:Jones, Sandra M. (July 15, 2009).
25:
2234:2007–2008 world food price crisis
2034:Chinese economic stimulus program
2019:2008 European Union stimulus plan
1943:Commercial Paper Funding Facility
1462:"John Thain to Retire as CIT CEO"
1312:. PacerMonitor. November 1, 2009.
457:for about $ 200 million in cash.
329:Commercial Investment Trust (CIT)
2262:List of countries by public debt
1889:National Asset Management Agency
916:Maremont, Mark (July 24, 2002).
849:Chin, Spencer (March 13, 2001).
49:
2338:Rolling stock leasing companies
2333:American corporate subsidiaries
2283:1908 establishments in Missouri
2217:2008 Central Asia energy crisis
2134:Collateralized debt obligations
1307:"CIT Group Chapter 11 Petition"
1026:Comlay, Elinor (July 1, 2008).
983:Creswell, Julie (May 4, 2008).
641:"C.I.T. Likes to Take Its Time"
494:In December 2008, CIT became a
2024:2008–2009 Keynesian resurgence
1869:Federal Housing Finance Agency
1864:Federal Housing Administration
509:loan guarantees was rejected.
424:In 1997, the company became a
229:Two CEFX switching locomotives
1:
2303:2002 initial public offerings
2298:2022 mergers and acquisitions
2293:2001 mergers and acquisitions
2288:1997 initial public offerings
2039:Economic Stimulus Act of 2008
1973:Troubled Asset Relief Program
1899:Office of Financial Stability
1874:Federal Housing Finance Board
1808:Société Générale trading loss
1103:Barr, Colin (July 15, 2009).
579:retired and was succeeded by
516:(PIMCO) to delay bankruptcy.
500:Troubled Asset Relief Program
479:Bankruptcy and reorganization
281:Small Business Administration
2313:Banks based in New York City
1958:Irish emergency budget, 2009
807:"Tyco buying CIT for $ 9.2B"
471:Under the leadership of CEO
90:; 116 years ago
432:that raised $ 850 million.
412:Manufacturers Hanover Trust
2359:
2257:2007–2008 financial crisis
2149:Mortgage-backed securities
1760:Automotive industry crisis
380:United States Armed Forces
316:Founding and early history
29:
2318:Banks established in 1908
2247:
2154:Secondary mortgage market
2075:rescues, and acquisitions
2073:Government interventions,
2064:Zero interest-rate policy
1912:
1775:Housing market correction
616:First Citizens BancShares
410:In 1984, CIT was sold to
403:headquarters facility in
305:First Citizens BancShares
261:First Citizens BancShares
204:First Citizens BancShares
48:
2172:(United States; c. 2009)
1904:UK Financial Investments
1789:Banking losses and fraud
1780:Subprime mortgage crisis
1765:California budget crisis
1105:"CIT: No bailout for us"
30:Not to be confused with
2190:(worldwide; 2011–2012)
2129:Auction rate securities
1859:Federal Home Loan Banks
1468:The Wall Street Journal
925:The Wall Street Journal
835:The Wall Street Journal
770:The Wall Street Journal
466:New York Public Library
448:initial public offering
430:initial public offering
365:New York Stock Exchange
361:initial public offering
166:(President of CIT Bank)
55:Company logo since 2018
1879:Federal Reserve System
1753:United States-specific
556:
405:Livingston, New Jersey
249:
238:
230:
2229:Decline of newspapers
2176:2009 May Day protests
2122:and financial markets
2012:Stimulus and recovery
598:for $ 10.38 billion.
554:
367:. CIT began offering
246:Salmon Tower Building
244:
236:
228:
2252:European debt crisis
2144:Credit default swaps
2120:Securities involved
1926:stability and reform
1332:. December 10, 2009.
881:. September 3, 2005.
496:bank holding company
489:manufactured housing
416:Dai-Ichi Kangyo Bank
187:Commercial mortgages
2212:2000s energy crisis
1924:Banking and finance
1842:Government entities
1493:. October 22, 2015.
1391:. February 8, 2010.
1371:. January 19, 2010.
1295:. November 1, 2009.
1248:. November 1, 2009.
1134:The Washington Post
1125:Appelbaum, Binyamin
727:. January 10, 1964.
683:. November 1, 2009.
575:In March 2016, CEO
462:11 West 42nd Street
347:following the war,
322:St. Louis, Missouri
273:treasury management
259:), a subsidiary of
183:Asset-based lending
119:11 West 42nd Street
101:St. Louis, Missouri
45:
2343:Tyco International
2194:Occupy Wall Street
2170:Tea Party protests
1828:Scott W. Rothstein
1622:. January 4, 2022.
1604:. January 2, 2020.
1586:. January 2, 2020.
1568:. October 5, 2018.
1550:. October 6, 2017.
1490:The New York Times
1329:The New York Times
1268:The New York Times
1225:The New York Times
1089:The New York Times
1061:on January 6, 2022
1012:The New York Times
992:The New York Times
947:The New York Times
898:The Globe and Mail
724:The New York Times
702:The New York Times
647:The New York Times
585:board of directors
583:, a member of the
557:
535:board of directors
533:, a member of the
464:, across from the
250:
239:
231:
193:Locomotive leasing
175:Commercial banking
150:(Chairwoman &
124:New York, New York
79:Financial services
2270:
2269:
2239:Retail apocalypse
2184:(MENA; 2010–2012)
2115:
2114:
2111:
2110:
2007:
2006:
1987:Bank stress tests
1618:(Press release).
1600:(Press release).
1546:(Press release).
1507:(Press release).
1427:. August 3, 2015.
1423:(Press release).
1405:(Press release).
1367:(Press release).
1157:Los Angeles Times
1127:(July 16, 2009).
972:. April 27, 2006.
968:(Press release).
954:. April 16, 2004.
815:. March 13, 2001.
705:. August 2, 1958.
349:consumer spending
341:submarine chasers
223:
222:
16:(Redirected from
2350:
2163:Social responses
2088:
1984:
1914:
1684:
1677:
1670:
1661:
1642:
1641:
1639:Official website
1624:
1623:
1612:
1606:
1605:
1594:
1588:
1587:
1576:
1570:
1569:
1558:
1552:
1551:
1540:
1534:
1533:
1519:
1513:
1512:
1511:. April 4, 2017.
1501:
1495:
1494:
1486:
1479:
1473:
1472:
1464:
1456:
1450:
1449:
1435:
1429:
1428:
1417:
1411:
1410:
1409:. June 24, 2014.
1399:
1393:
1392:
1379:
1373:
1372:
1361:
1355:
1354:
1340:
1334:
1333:
1320:
1314:
1313:
1311:
1303:
1297:
1296:
1293:Associated Press
1279:
1273:
1272:
1264:
1256:
1250:
1249:
1236:
1230:
1229:
1221:
1213:
1207:
1206:
1205:. July 20, 2009.
1203:Associated Press
1189:
1183:
1182:
1168:
1162:
1161:
1153:
1145:
1139:
1138:
1121:
1115:
1114:
1100:
1094:
1093:
1085:
1077:
1071:
1070:
1068:
1066:
1057:. Archived from
1044:
1038:
1037:
1023:
1017:
1016:
1003:
997:
996:
988:
980:
974:
973:
962:
956:
955:
943:
936:
930:
929:
921:
913:
907:
906:
889:
883:
882:
874:
867:
861:
860:
846:
840:
839:
831:
823:
817:
816:
803:
797:
796:
795:. March 8, 1999.
788:
781:
775:
774:
766:
758:
752:
751:
743:
741:"Best and Worst"
735:
729:
728:
720:
713:
707:
706:
698:
691:
685:
684:
671:
652:
651:
643:
635:
603:reverse mortgage
345:Roaring Twenties
287:CEFX, it leases
237:Logo of CIT Bank
219:
216:
98:
96:
91:
53:
46:
21:
2358:
2357:
2353:
2352:
2351:
2349:
2348:
2347:
2273:
2272:
2271:
2266:
2243:
2200:
2188:Occupy movement
2158:
2121:
2107:
2086:
2074:
2068:
2003:
1982:
1925:
1919:
1908:
1837:
1784:
1748:
1693:
1691:Great Recession
1688:
1656:
1637:
1636:
1633:
1628:
1627:
1614:
1613:
1609:
1596:
1595:
1591:
1578:
1577:
1573:
1560:
1559:
1555:
1542:
1541:
1537:
1529:American Banker
1521:
1520:
1516:
1503:
1502:
1498:
1481:
1480:
1476:
1458:
1457:
1453:
1437:
1436:
1432:
1419:
1418:
1414:
1401:
1400:
1396:
1381:
1380:
1376:
1363:
1362:
1358:
1342:
1341:
1337:
1322:
1321:
1317:
1309:
1305:
1304:
1300:
1281:
1280:
1276:
1258:
1257:
1253:
1238:
1237:
1233:
1215:
1214:
1210:
1191:
1190:
1186:
1170:
1169:
1165:
1147:
1146:
1142:
1123:
1122:
1118:
1102:
1101:
1097:
1079:
1078:
1074:
1064:
1062:
1046:
1045:
1041:
1025:
1024:
1020:
1015:. July 1, 2008.
1005:
1004:
1000:
982:
981:
977:
964:
963:
959:
938:
937:
933:
915:
914:
910:
905:. July 2, 2002.
891:
890:
886:
878:Tampa Bay Times
869:
868:
864:
848:
847:
843:
825:
824:
820:
805:
804:
800:
792:Chicago Tribune
783:
782:
778:
760:
759:
755:
737:
736:
732:
715:
714:
710:
693:
692:
688:
673:
672:
655:
637:
636:
629:
624:
573:
571:2016 to present
485:Lone Star Funds
481:
441:
400:RCA Corporation
388:
318:
313:
269:cash management
213:
189:
185:
181:
177:
165:
163:
157:
155:
149:
143:
133:
122:
94:
92:
89:
77:
56:
39:
28:
23:
22:
15:
12:
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1652:SEC filings
1620:PR Newswire
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970:PR Newswire
605:portfolio.
439:Early 2000s
337:World War I
301:direct bank
289:locomotives
132:Area served
36:CITIC Group
2277:Categories
1065:January 6,
622:References
577:John Thain
543:John Thain
521:Chapter 11
418:of Japan.
333:Studebaker
142:Key people
65:Subsidiary
1801:Tom Hayes
1698:By region
473:Jeff Peek
407:in 1983.
396:Manhattan
369:factoring
265:factoring
253:CIT Group
191:Factoring
44:CIT Group
32:Citigroup
2098:Chrysler
1710:Americas
1288:NBC News
856:EE Times
747:Barron's
502:(TARP).
353:Delaware
171:Products
71:Industry
18:CIT Bank
1744:Oceania
1737:Iceland
1445:Reuters
1350:Reuters
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1033:Reuters
680:Reuters
428:via an
363:on the
359:via an
311:History
210:Website
107:Founder
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1732:Europe
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596:Avolon
199:Parent
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