CIT group finance was founded in Saint Louis, Missouri by Henry Ittleson in 1908 as a Commercial Credit and Investment company. The initial services provided by the company consisted of financing the businesses and providing lease, advisory services, commercial finance, loans, payment services, etc. to small and middle level businesses and markets.
The company moved to New York in 1915 which was termed as Commercial Investment Trust.
The company merged with First Citizens BancShares in January 2022 and has been categorised as an online division of the parent company.
As the company grew it expanded its operations and today it is known as one of the best and long standing financial holding companies in the United States catering to the businesses over the decades and becoming an epitome of consistency and growth in the financial services industry.
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Business Segments
CIT group operates in various business segments-
- Commercial Banking/ CIT bank equipment finance: This segment all the CID group deals with providing a substantial set of financial products and services like loan, leases, treasury and payment services, and caters to a host of industries like healthcare, finance, real estate, equipment etc.
This not only helps the company in diversing its products and service line but also provides a comprehensive platform for all the services under one roof that becomes efficient for its clients.
- CIT group consumer finance inc: This set of business segment deals with the consumer finance which includes banking services like savings account, credit account, deposits account, residential mortgage product, certificate of deposit, etc. It is the common banking services that are provided to the consumers.
- Rail Leasing: CIT is one of the biggest players in rail leasing that is to offer comprehensive solution for freight car leading to business in North America.
CIT bank history
Today CIT is not just the leader in the financial sector but also one of the prominent players in the transportation, apparel and construction equipment industry serving more than 7,00,000 clients per year.
The company had what would be a rather dramatic shift in the ownership or the management of the company throughout its history. CIT was acquired by RCA in 1980 and after that it was sold to Manufacturers Hanover Bank in 1984. 2 years later it was renamed as CIT group and was then sold to Dai-Ichi Kangyo in 1989 which is a Japanese Bank.
After 8 years it went public and started to acquire other companies through acquisitions like a Canadian finance company Newcourt Credit Group in 1999.
Again in 2001 it was acquired by a company called Tyco International limited and again became a public company in 2002 after Tyco phased through several financial hardships and CIT proved to be a consistent company even after these challenges wore on with continued expanded services like acquiring GE Financial’s factoring business in 2003.
And even after all these years of upheaval and rebound CIT remains one of the best players in the financial services industry.
CIT Bank
CIT Bank is a banking subsidiary of CIT Group. It was created in 2000 and provides retail banking services, online services, savings accounts, certificates of deposits, banking solutions, etc. This bank has a robot presence online and offers its services at competitive rates on saving products that gains it an advantage in a comparative market.
Acquisition by First Citizens BancShares
CIT group was acquired by First Citizens Bancshares in January 2022 which is a North Carolina based Bank holding company. It proved to be a significant acquisition from the strategic point of view as it combined CIT’s expertise in commercial lending and banking with First Citizens retail banking operations.
With strategic acquisition both the entities were able to combine their strengths and make a robust, staunch system with a range of products and services to both commercial and retail customers.
Industry Focus
The company or the group has its hands in several industries like aerospace, energy, healthcare, real estate, transportation, etc. every industry has its own needs, challenges and hardships that it goes through and needs dynamic solutions for its perpetual existence. CIT group has been unwavering in providing solutions to the specific needs of all the sectors for all the businesses that it caters to.
Reputation and Market Position
Talking about the reputation and market position of the CIT group, it has done a lot in making a name across the continent and continues to operate while providing equipment leasing, financing, advisory services.
It is also one of the most trusted sources for its clients and business partners to continue the operations efficiently. That is evident from the fact that it has a strong market position and understands the nuances of the industry. It is well versed with the resources and knowledge and its roots run deep in changing the financial landscape of the county.
It commits to provide people with flexible and innovative financial solutions for their problems.
CIT Group Finance Historical Impact
This company has played one of the biggest roles in the financial sectors of the United States after World War II to affect the lives of many people in a positive way. It has brought about changes over the years, evolving people’s sustaining even in the economic crisis, various financial hardships and still getting to be on the top of the base.
CIT Bank customer service
Email: wecare@citi.com.
Automated banking system
Check account balance anytime: Toll-free 855-462-2652
In US
Call: 855-462-2652 (Monday- Friday) 9am- 9pm
Saturday: 10am- 6pm
Closed Sundays and holidays
Outside US
Call: 626-535-8964 (with toll)
Submit forms
Online and Mobile banking-
Sign In to CIT Bank account > Communications > Document Upload.
Through the mail
CIT Bank P.O. Box 7056 Pasadena, CA 91109-9699
Home loan enquiry
Call: 800-217-6629 (U.S.) Monday- Friday (9am- 8pm)
Closed weekends and holidays
Routing number
CIT Bank: 124084834