505 Fifth Ave.
New York, NY 10017
CEO: Jeffrey Peek
Stock Symbol: CIT
CIT is a bank holding company with more than $70 billion in finance and leasing assets. For more than 100 years, CIT has provided lending, advisory, and leasing services to small and middle market businesses.
The company filed for Chapter 11 bankruptcy in November with debts of $64.9 billion and $71 billion in assets. It is one of the largest corporate bankruptcies ever.
CIT operates CIT Bank, a full service Utah state bank, which is regulated by the Utah Department of Financial Institutions and the FDIC.
CIT operates extensively in the United
States and Canada with strategic locations in Europe, Latin and
South America, and the Pacific Rim. The company has clients across
30 industries and 50 countries.
CIT's areas of focus include:
- lending, leasing and other financial and advisory services,
through industry focused sales teams.
Trade Finance - factoring and other trade and financial
solutions to companies in the retail supply chain.
Transportation Finance - longer term, large ticket leasing
and other secured financing to companies in the rail, aerospace
and defense industries.
Vendor Finance - financing for customers of manufacturers
and distributors worldwide.
The company has experienced severe financial problems over the past year and has received $2.3 billion in government assistance.
CIT was founded in 1908 as Commercial Credit
and Investment Company by Henry Ittleson in St. Louis (initial
business efforts were in financing receivables).
In 1915, the company moved its headquarters
to New York City and changed its name to Commercial Investment
Trust with the identifying initials "C.I.T." The company
would go public on the New York Stock Exchange in 1924.
The Tyco Corp. would acquire CIT in 2001.
In 2002, Tyco sold 100% of CIT's outstanding common stock in
Updated November 2, 2009