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CIT Group (CIT)
What does it take for a company to survive over a century of economic upheavals, global conflicts, and financial disruption — and still come out stronger on the other side? Welcome to the extraordinary journey of CIT Group (CIT), a financial institution that’s not only shaped the U.S. lending landscape but also redefined resilience in modern banking.
Founded in 1908, CIT Group began with a mission to support businesses through accessible, innovative financing. Over time, it expanded into commercial lending, equipment leasing, small business loans, and treasury management services. It became a go-to name for middle-market companies and entrepreneurs across North America. But CIT’s story isn’t just one of growth — it’s a testament to endurance. After suffering one of the largest bankruptcies in American corporate history in 2009, CIT made a stunning comeback that caught the attention of the entire financial world.
The turning point came in 2022, when CIT Group officially merged with First Citizens BancShares, forming a powerful alliance with over $100 billion in combined assets. This strategic move positioned CIT as a critical part of a banking empire still helmed by one of the last family-controlled financial institutions in the U.S. The merger didn’t just preserve CIT’s legacy — it strengthened it, ensuring its services would continue to empower individuals, small businesses, and corporate clients alike.
From leasing locomotives to financing startups, CIT’s broad portfolio tells a story of flexibility and foresight. With offerings that include factoring, cash management, equipment finance, SBA lending, and railcar leasing under the mark CEFX, CIT’s reach spans far beyond traditional banking, making it a cornerstone for countless industries.
In this article, we’ll explore how CIT Group evolved from a modest commercial lender into a transformative financial player. You’ll gain insights into its historical milestones, innovative services, leadership shifts, and how it navigated through some of the harshest financial storms to remain relevant in today’s hyper-competitive market.
New York, New York, USA
| Official Name | CIT Group Inc. |
| Nickname | CIT |
| Founded | 1908 |
| Headquarters | 11 West 42nd Street, New York, New York, USA |
| CEO | Jeffrey A. Peppard (2025) |
| Industry | Financial Services, Banking, Commercial Lending, Retail Banking, Investment Banking |
| Stock Symbol | FCNCA (First Citizens BancShares Inc., post-merger) |
| Market Capitalization | Approx. $100 billion (Post-merger) |
| Assets | Over $100 billion in assets (Post-merger 2025) |
| Number of Employees | Over 40,000 (Post-merger) |
| Primary Services | Commercial Banking, Retail Banking, Mortgage Services, Leasing, Investment Services, Digital Banking |
| FDIC Insurance | Yes, FDIC insured |
| CEO’s Tenure | Appointed in 2025, succeeding previous leadership |
| Slogan/Tagline | \”We are First Citizens\” (Post-merger) |
| Website | cit.com |
Company Overview
CIT Group Inc. — commonly abbreviated as CIT — stands for Commercial Investment Trust. It is a longstanding American financial holding company that operated under the brand name CIT Bank in its consumer and commercial banking services. Recognized as a pioneering institution in U.S. banking, CIT became widely known for supporting middle-market businesses and specialty finance sectors across the nation. Over the decades, the name “CIT” grew to represent financial reliability, particularly in areas such as equipment leasing, commercial lending, and savings solutions.
Industry and Sector
CIT Group operated within the financial services industry, primarily focusing on the commercial banking, consumer banking, and specialty finance sectors. Its services spanned multiple verticals, including business loans, small business administration (SBA) financing, treasury and cash management, equipment leasing, and railcar leasing, as well as direct consumer savings accounts through its digital platform, cit.com. The company was structured as a bank holding company regulated under U.S. federal banking laws, and it was recognized as a federally insured bank by the FDIC.
CIT’s business model was especially notable for its focus on mid-sized businesses, helping them access capital and manage financial growth. The company also offered tailored financial solutions to key industries such as healthcare, energy, transportation, technology, and manufacturing — making it an integral part of America’s commercial lending infrastructure. With its customer-centric approach and efficient digital services, CIT Bank earned a reputable position among online banking providers in the U.S.
Headquarters Location
The corporate headquarters of CIT Group was historically located in New York City, reflecting its deep roots in the financial capital of the United States. However, following its transformation into a digital-first banking model and the acquisition of OneWest Bank in 2015, CIT relocated its banking headquarters to Pasadena, California. The move aligned with its expanding presence in the West Coast consumer banking sector.
After the 2022 merger with First Citizens BancShares, the newly formed entity maintained dual operations but centralized leadership out of Raleigh, North Carolina, the headquarters of First Citizens Bank. Despite the transition, CIT’s legacy operations continued to serve customers nationwide under the broader First Citizens brand.
Year Founded
CIT was founded in 1908 by Henry Ittleson in St. Louis, Missouri, with the original goal of financing business purchases, particularly for retailers and manufacturers. The company quickly grew during the industrial boom of the early 20th century and relocated to New York City by 1915 to better serve its growing clientele and access global financial markets. Throughout the 20th century, CIT became one of the foremost names in commercial finance and leasing, expanding into international markets and eventually going public.
Over the years, CIT underwent various strategic shifts, including divestitures, expansions, and restructurings — most notably its Chapter 11 bankruptcy filing in 2009 amid the global financial crisis, one of the largest bank failures in U.S. history at the time. Despite this, CIT successfully re-emerged and restructured its operations, reestablishing itself as a significant player in both business and consumer banking before its $2.2 billion acquisition by First Citizens Bank in January 2022.
Founding and Historical Timeline
CIT Group Inc., originally founded as the Commercial Investment Trust in 1908 by Henry Ittleson in St. Louis, Missouri, began as a firm focused on providing short-term financing for business purchases, especially for retailers needing to acquire inventory and equipment. At a time when consumer credit was nearly nonexistent, CIT stood out by offering innovative financial solutions that fueled economic growth for small and mid-sized enterprises.
By 1915, the company relocated its headquarters to New York City, cementing its role in the heart of the U.S. financial sector. Its early success was rooted in a growing demand for structured financing options as industries and consumer markets rapidly expanded across America. CIT’s core strength during this period was its ability to underwrite credit risks for business clients, paving the way for a new era of retail installment lending.
In the 1920s, CIT expanded internationally, becoming one of the first U.S. financial firms to operate overseas. It entered Canada and Europe, tapping into global commerce. During the Great Depression, while many institutions faltered, CIT weathered the economic storm by maintaining conservative lending practices and a diversified portfolio. By World War II, CIT had already established itself as a trusted financial partner for manufacturers involved in wartime production, helping to finance essential machinery and transport logistics.
Growth During Mid-20th Century (1950s – 1970s)
The post-war era ushered in unprecedented industrial growth, and CIT capitalized on America’s economic boom. The company became a prominent figure in equipment financing, consumer installment loans, and vehicle leasing, all of which surged in popularity during the 1950s and 60s.
During this time, CIT’s financial footprint extended further with the creation of specialized subsidiaries to serve growing sectors such as rail transportation, healthcare, and aerospace. By the 1970s, CIT had developed a well-diversified portfolio in both domestic and international finance, with offices in Europe, Latin America, and Asia. Its commercial lending division became a vital funding source for businesses of all sizes, particularly those requiring capital-intensive investments.
CIT was publicly traded on the New York Stock Exchange (NYSE), gaining recognition for its consistent performance and conservative fiscal management. This era marked CIT’s emergence as one of the leading middle-market lenders in the United States.
Strategic Expansions (1980s – 1990s)
In the 1980s, CIT underwent strategic transformations to adapt to changing regulatory and economic environments. The company focused on expanding its services to consumer finance, home equity lending, and small business banking, aligning with emerging trends in American personal and corporate finance.
In 1980, CIT was acquired by Manufacturers Hanover Trust, one of the largest U.S. banks at the time, though it continued to operate as a separate entity. Ownership changed again in the late 1980s when Dai-Ichi Kangyo Bank, a Japanese financial group, purchased CIT. These acquisitions provided access to international capital markets and opened new avenues for global growth.
The 1990s marked a pivotal shift when CIT refocused on its core strength: commercial and asset-based lending. The company went public once again in 1997, trading under the ticker CIT. Later that same year, Tyco International, a multinational conglomerate, acquired CIT for approximately $9 billion, integrating it into its financial services division. Though profitable, the acquisition was eventually deemed non-strategic, prompting Tyco to spin off CIT in 2002.
Pre-Bankruptcy Financial Moves (2000 – 2007)
As CIT regained independence in 2002, it sought aggressive expansion, acquiring several regional and specialty finance firms. Notably, in 2004, CIT moved its headquarters from New York City to Livingston, New Jersey, to accommodate its growing operations. Throughout the early 2000s, CIT aggressively expanded its student lending, subprime mortgage, and manufacturing finance portfolios. These moves, though initially profitable, later exposed the company to significant risk as the 2007–2008 financial crisis loomed.
Despite strong revenues in certain business segments, CIT was heavily exposed to the commercial paper market, which dried up rapidly during the crisis. Efforts to secure federal bailout funds through the Troubled Asset Relief Program (TARP) failed to stabilize the firm, leaving it vulnerable.
2008 Bankruptcy and Restructuring Phase
By mid-2009, CIT had become one of the largest victims of the global financial crisis. On November 1, 2009, CIT Group filed for Chapter 11 bankruptcy protection, marking the fifth-largest bankruptcy in U.S. history at the time. The filing involved $71 billion in assets and $65 billion in liabilities. The swift bankruptcy and restructuring process was unprecedented — CIT emerged from Chapter 11 after just 38 days, having eliminated $10 billion in debt. This was largely enabled by support from bondholders and key creditors, bypassing government intervention.
After restructuring, John Thain, former Merrill Lynch CEO, was appointed to lead CIT. Under his guidance, CIT began focusing more narrowly on core commercial lending and exited riskier areas like student loans and subprime mortgages. This marked a new era of leaner, more focused operations.
Recovery and New Direction (2010 – 2015)
The 2010s were a period of rebuilding and strategic repositioning. CIT transitioned into a bank holding company, which allowed it to take deposits and stabilize its funding base. In 2011, it launched CIT Bank, N.A., a direct online bank that offered high-yield savings accounts, certificates of deposit, and small business loans through cit.com.
The most significant move during this era was CIT’s $3.4 billion acquisition of OneWest Bank in 2015, a regional bank formed from the failed IndyMac Bank during the housing crisis. The deal expanded CIT’s retail banking presence, especially in Southern California, and significantly increased its assets.
Following the acquisition, CIT relocated its banking headquarters to Pasadena, California, and launched a more integrated model combining consumer and commercial banking services. This period also marked CIT’s transformation into a hybrid digital-retail bank, distinguishing it from traditional commercial lenders.
Merger with First Citizens Bank (2020 – 2022)
In October 2020, CIT Group announced a merger with First Citizens BancShares Inc., a major regional bank headquartered in Raleigh, North Carolina. The merger was completed on January 4, 2022, creating one of the largest banks in the United States, with more than $100 billion in assets and a national footprint. The merger combined CIT’s strength in commercial lending and digital banking with First Citizens’ stable retail base and conservative risk management model. The combined entity retained the First Citizens Bank name, while many of CIT’s operations were rebranded or integrated into the new structure.
Despite the name change, CIT’s influence continues under the new banner, especially in middle-market lending, equipment finance, and online savings products. CIT Bank login access and services remain active under the First Citizens platform.
Present Day Operations (2023 – Present)
As of 2023, the merged institution continues to operate as First Citizens Bank, with former CIT branches and services fully integrated. The bank maintains a significant national presence in commercial lending, equipment finance, railcar leasing, and digital consumer banking. CIT.com redirects users to First Citizens’ unified platform, where legacy CIT Bank login portals are still supported. The company continues to offer high-yield savings products and CD accounts under its FDIC-insured infrastructure, catering to both individual and business customers.
CIT’s legacy remains embedded in America’s banking DNA — from helping build Main Street businesses in the early 20th century to fueling the digital banking transformation in the 21st. Its century-long journey, marked by innovation, resilience, and reinvention, positions it as a foundational force in modern U.S. finance.
Business Divisions and Services
CIT Group, known for its comprehensive suite of financial services, has a diversified business model, serving both commercial clients and individual consumers. With a strong focus on lending, banking, and investment services, CIT Group is a prominent player in the financial sector. The company’s operations span several key business divisions, each tailored to meet the needs of different customer segments. Below is an in-depth look at CIT’s major business divisions and the services it provides.
Commercial Lending and Equipment Financing
CIT Group has a long-standing history of providing commercial lending solutions, specializing in equipment financing and leasing for businesses of all sizes. Through its Commercial Lending and Equipment Financing division, CIT supports companies in a variety of industries, including healthcare, manufacturing, and transportation. This service enables businesses to acquire the necessary equipment to grow and innovate without upfront capital expenditures, offering them financing options such as leases, loans, and lines of credit.
CIT’s equipment financing is particularly well-known for its flexibility, allowing companies to choose from various structures based on their specific financial needs. By providing funding for a range of equipment types, including machinery, technology, and commercial vehicles, CIT helps businesses optimize their operational efficiency and scale quickly. Over the years, CIT has become a trusted partner for enterprises, offering customized solutions designed to meet the challenges of a rapidly changing marketplace.
Consumer Banking via CIT Bank
CIT Bank, the retail banking arm of CIT Group, is a key division that focuses on providing a range of consumer financial services. As an online bank, CIT Bank has gained prominence for its competitive rates and streamlined customer experience. The bank offers products such as savings accounts, certificates of deposit (CDs), and home loans, serving customers who prioritize digital access and convenience.
CIT Bank’s consumer banking services are designed with both high-yield savings options and easy-to-manage accounts. It has become a popular choice for individuals seeking better returns on their savings, with high-interest online savings accounts and no monthly fees. The bank’s intuitive mobile and online banking platforms allow customers to manage their accounts, track balances, and perform transactions without the need to visit a physical branch, reflecting the broader trend toward digital-first banking experiences.
Online and Mobile Banking Services
As consumer preferences have shifted toward digital banking, CIT Group has responded by enhancing its online and mobile banking services. These services are central to the company’s overall retail banking strategy, enabling customers to access their accounts anytime and anywhere. CIT’s online banking offers users easy navigation to check balances, transfer funds, pay bills, and even apply for loans and credit. Meanwhile, its mobile banking app offers users the ability to manage their finances on the go, with features such as mobile check deposit, account alerts, and secure login options.
The bank has increasingly emphasized its commitment to innovation, providing customers with new tools to optimize their financial health. For example, CIT’s mobile app includes features like budgeting tools and spending trackers, aiming to enhance financial literacy and assist users in managing their finances more effectively. By investing in technology, CIT ensures that it remains competitive in an increasingly digital financial landscape.
Leadership and Governance
CIT Group traces its roots to its founding in 1908, originally established as the Commercial Investment Trust in New York City. The company was founded by Henry I. A. (H.I.A.) P. “Harry” Saunders, a visionary entrepreneur and financier who recognized the need for a financial institution focused on equipment financing and providing capital to small and medium-sized businesses. Saunders’ innovative approach helped shape CIT into one of the earliest pioneers in the commercial lending sector, a path that would later define the company’s future growth.
In the years following its founding, CIT’s leadership included a series of key figures who shaped the company’s identity and steered its expansion. Among these were Albert E. Whelan, who led CIT from the mid-20th century and was instrumental in expanding its portfolio to include consumer financing and corporate leasing. Under his leadership, CIT experienced substantial growth, particularly during the 1960s and 1970s, when it diversified its services to include a wider range of financial products.
Current Leadership (CEO, Board Members)
As of 2023, the leadership of CIT Group is under the guidance of Jeffrey A. Davis, who has served as the Chairman and Chief Executive Officer (CEO) of CIT Group since 2015. With over three decades of experience in the financial industry, Davis has been instrumental in steering the company through its merger with OneWest Bank and subsequent transformation into a more diversified financial institution. His leadership has been marked by a strong focus on driving operational efficiency, expanding CIT’s capabilities in both commercial and consumer banking, and positioning the company for future growth.
The Board of Directors at CIT Group includes a diverse group of financial experts and industry veterans who guide the company’s strategic direction. The board works closely with the CEO and other senior executives to ensure that the organization’s long-term goals are aligned with shareholder interests and broader market trends. Notable board members include John A. Corbani, a seasoned financial strategist, and Nancy L. Zimpher, who brings extensive experience in governance and leadership to the CIT board.
Corporate Governance and Ethics
CIT Group is committed to maintaining the highest standards of corporate governance and ethical business practices. The company’s corporate governance framework is designed to ensure transparency, accountability, and responsible decision-making at all levels of the organization. CIT adheres to a strict set of governance principles that govern the roles and responsibilities of the board, its committees, and senior executives. At the core of CIT’s governance structure is its emphasis on maintaining an independent board that oversees the company’s strategy and ensures the proper checks and balances within the organization. The board is responsible for approving major decisions, including mergers, acquisitions, and capital allocations, while also monitoring risk management practices and financial performance.
In terms of corporate ethics, CIT has implemented a comprehensive Code of Ethics that guides the behavior of all employees, officers, and directors. The code outlines the company’s commitment to acting with integrity, maintaining confidentiality, avoiding conflicts of interest, and complying with legal and regulatory requirements. CIT also adheres to the principles of Environmental, Social, and Governance (ESG) factors, ensuring that its operations are conducted in a sustainable and socially responsible manner. Through these governance structures and ethical practices, CIT Group aims to build trust with its stakeholders, including customers, investors, and employees, while maintaining its position as a leading financial institution in the global marketplace.
Financial Overview
CIT Group’s financial performance has seen steady growth over the years, with revenues primarily driven by its diverse range of banking and financial services. In 2022, CIT reported revenues of $1.3 billion, a slight increase from the previous year. This growth was attributed to higher interest income from commercial loans and leases, as well as increased contributions from its retail banking division. The company has consistently shown resilience, even during periods of economic uncertainty, thanks to its diversified revenue streams, which include commercial lending, leasing, retail banking, and wealth management services.
Over the past decade, CIT’s revenue growth has been bolstered by strategic mergers and acquisitions, notably the acquisition of OneWest Bank and the merger with First Citizens BancShares in 2022. These moves allowed CIT to expand its financial services offerings and improve its ability to generate income across multiple channels. Net income for CIT in 2022 stood at $420 million, a significant jump from previous years, as the company successfully integrated its new businesses and streamlined operations.
Stock Market Performance and Shareholder Info
CIT Group is publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol CIT. Since its listing, the company has experienced fluctuations in its stock price, reflecting broader market trends and internal strategic decisions. After the merger with First Citizens, the company’s stock symbol was officially changed to FCNCA, and it now trades under the First Citizens BancShares brand. This rebranding was part of the broader integration strategy to create a unified identity for the newly merged entity.
Historically, CIT’s stock has been viewed as a reliable investment within the banking and financial sector, though its performance has been subject to fluctuations based on economic cycles, interest rates, and regulatory changes. As of the latest financial year, the stock price showed growth, driven by the strong performance of its combined commercial and retail banking operations.
The company’s shareholder base includes institutional investors, mutual funds, and individual investors, with a focus on long-term growth and stability. CIT’s leadership is committed to maximizing shareholder value by focusing on operational efficiency, strategic investments, and market expansion. The company’s dividend policy has also been a key aspect of its appeal to income-focused investors.
Assets Under Management (AUM)
CIT Group manages a significant portfolio of assets, which spans across a variety of sectors, including commercial lending, leasing, and consumer banking. As of 2023, CIT’s total assets under management (AUM) were estimated at $100 billion, making it one of the largest financial institutions in the United States. The company’s AUM includes commercial loans, consumer deposits, investment portfolios, and other financial products that generate both interest income and capital appreciation.
The company’s growth in AUM is closely linked to its expansion into new markets and the diversification of its offerings. By merging with First Citizens, CIT expanded its deposit base and increased the amount of assets it manages across various sectors. As CIT continues to grow, its ability to manage larger asset portfolios will be a key factor in its ability to generate sustainable returns for investors.
Innovation and Technology
CIT Bank has established itself as a frontrunner in offering innovative and user-friendly online banking services, catering to the needs of both personal and business customers. A major component of CIT’s digital offering is its mobile banking app, designed to provide seamless, 24/7 access to banking services from anywhere in the world. This app has been continuously updated to enhance its functionality, integrating features such as mobile check deposit, bill pay, account management, and real-time transaction notifications, all aimed at improving customer convenience and accessibility.
The online banking platform of CIT Bank offers a comprehensive set of services, including savings accounts, checking accounts, CDs, and loans, all of which are accessible through a secure and intuitive interface. With a focus on customer experience, CIT’s online banking system has a reputation for reliability and efficiency, ensuring that clients can manage their finances with ease. One notable feature is the CIT Bank login portal, which allows users to access their accounts securely from their desktops or mobile devices, making banking simple and effective.
For business customers, CIT’s online banking features extend to business-specific services such as business accounts, merchant services, and business loans. The integration of these services with digital banking tools has streamlined financial operations for businesses, enhancing their productivity and financial management.
Cybersecurity Measures
As part of its commitment to customer security and privacy, CIT Bank has prioritized cybersecurity measures to protect sensitive financial data. Recognizing the importance of safeguarding user information, the bank employs industry-standard encryption protocols, including SSL encryption, two-factor authentication (2FA), and advanced fraud detection systems to prevent unauthorized access and ensure that transactions are secure. CIT also continuously monitors its digital platforms to detect and mitigate potential threats, with a dedicated cybersecurity team focused on staying ahead of evolving risks. The bank’s security infrastructure is designed to comply with both federal and international regulations regarding data protection and privacy, ensuring that customer data is handled with the utmost care and confidentiality.
In addition to traditional security measures, CIT Bank invests in cybersecurity education for its customers, offering resources to help them recognize phishing attempts, secure their accounts, and practice safe online banking habits. The bank also provides a robust fraud protection program for personal and business accounts, helping users recover any funds lost due to fraudulent activities.
Industry Awards and Rankings
CIT Bank has earned numerous accolades for its excellence in the financial sector, particularly in online banking services and customer satisfaction. The bank’s digital products and services have been recognized for their innovation and efficiency. Among its many honors, CIT has received awards for being one of the top online banks in the U.S., with notable rankings for its high-yield savings accounts, competitive CD rates, and its user-friendly mobile app.
CIT Bank has also been recognized for its financial stability and customer-centric approach, earning high marks from industry analysts and financial publications. This recognition highlights the bank’s commitment to providing reliable and secure banking solutions to individuals and businesses alike.
Media Mentions and Highlights
CIT Bank’s innovative approach to banking and its financial achievements have garnered significant attention in financial media outlets. The bank’s digital transformation efforts and its contributions to the banking industry have been covered by well-known publications such as Forbes, The Wall Street Journal, and Bankrate, which have highlighted CIT’s leadership in online banking and customer-focused solutions.
Additionally, CIT’s efforts to improve cybersecurity and its successful integration of AI and machine learning technologies have made headlines in the tech industry. The bank’s strong emphasis on security and its proactive stance on fraud prevention have been highlighted as best practices for other institutions to follow. CIT’s recognition in the media showcases the bank’s ongoing commitment to innovation and customer service, and its ability to adapt to the dynamic landscape of modern banking.
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