CIT Group Inc (DEL) Stock Company Profile

Description

CIT Group Inc. operates as the holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. Its North America Banking segment provides lending and deposit products, such as checking, savings, certificates of deposit, residential mortgage loans, and investment advisory services, as well as cash management and advisory services; and senior secured loans, revolving lines of credit, term loans, and asset-based loans. It also provides financing services; originates small business administration loans; and senior secured commercial real estate loans. In addition, it offers factoring and receivable management products; leasing and equipment financing solutions; and private banking services. The company’s Transportation & International Finance segment offers leasing and financing solutions, such as aircraft leasing, lending, asset management, and advisory services to airlines; and term loans, leases, pre-delivery financing, fractional share financing, and vendor/manufacturer financing for corporate and private owners of business jets. This segment also provides senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels. Its Legacy Consumer Mortgages segment offers a portfolio of single-family residential mortgage loans and reverse mortgage loans. The company’s Corporate and Other segment provides investments and other unallocated items, such as amortization of intangible assets. CIT Group Inc. also offers acquisition and expansion financing, insurance, credit protection, letters of credit/trade acceptances, merger and acquisition advisory services, debt restructuring, debt underwriting and syndication, and online banking services. The company offers its services through 70 branches located in southern California, as well as through other offices worldwide. CIT Group Inc. was founded in 1908 and is headquartered in Livingston, New Jersey.