Two CEFX switching locomotives
Logo of CIT Bank
Salmon Tower Building: CIT Group's Headquarters in New York City
Introduction: A Legacy of Financial Excellence
Welcome to the world of CIT Group, an American financial services company that has been revolutionizing the industry since its founding in 1908. With a commitment to expertise, trustworthiness, and customer satisfaction, CIT Group has become a global leader, providing financing, leasing, and advisory services to individuals, middle-market companies, and small businesses.
History: From Humble Beginnings to Global Success
Founding and early history
In 1908, Henry Ittleson had a vision to support the growth of small companies. He founded the Commercial Credit and Investment Company in St. Louis, Missouri, providing financing for accounts receivable. The company later moved to New York City and became known as Commercial Investment Trust (CIT). By the 1920s, CIT had expanded its offerings to include consumer financing of radios and automobiles, as well as factoring services. It quickly became a public company and expanded its operations into Europe.
1950s - 1990s
Throughout the mid-20th century, CIT continued to grow and diversify its portfolio. It acquired companies such as Picker X-Ray Corporation and Gibson Greeting Cards, expanding its reach into new industries. In the 1990s, CIT opened multiple new offices and became a public company, raising significant capital.
Early 2000s
In 2001, CIT was acquired by Tyco and renamed Tyco Capital. However, Tyco faced operational challenges and divested several non-core businesses, including CIT. In 2002, CIT became an independent company again through an initial public offering.
Under new leadership, CIT experienced both success and setbacks. The company's assets grew, but acquisitions in education lending and subprime mortgages led to significant losses. CIT faced bankruptcy and reorganization in 2009.
Bankruptcy and reorganization
In the face of financial difficulties, CIT made strategic decisions to navigate the challenges. It sold its home lending division and manufactured housing loan portfolio to strengthen its position. Through a prepackaged bankruptcy, CIT emerged from protection in 2009 with a new leadership team and a commitment to its customers.
2016 to present
In 2016, Ellen Alemany took over as CEO, ushering in a new era of stability and growth for CIT. The company continued to expand its services and made strategic acquisitions, including Direct Capital and OneWest Bank.
CIT Group Today: A Beacon of Financial Expertise
Under the leadership of Ellen Alemany, CIT Group has solidified its position as a leader in the financial services industry. With a focus on commercial and retail banking, asset-based lending, treasury management, and more, CIT Group provides comprehensive solutions to meet the needs of its diverse customer base.
OneWest Bank Headquarters in Pasadena, California
Conclusion: Partnering for a Brighter Financial Future
CIT Group continues to blaze a trail in the financial services industry, dedicated to helping individuals, middle-market companies, and small businesses achieve their financial goals. With a legacy of excellence spanning over a century, CIT Group is a trusted partner for all your banking and financing needs.
References
Please visit the official website for more information.
