FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Articles / Read Article


CIT’s Solk -- Transforming Into a Leading Middle-Market Bank

Date: Apr 25, 2016 @ 07:00 AM

The Lender Finance business that is led by D'Arcy LeNeveu, has been extremely successful in structuring lease capital market solutions, and is one of the top lender finance companies in the industry. This business finances independent lessors, captives, banks, VARs/resellers and sponsor-owned companies. “This team has extremely strong expertise in structuring and documenting complex leasing transactions and has done a terrific job in providing our customers with debt and equity monetization, flexibility, and strong asset management expertise.” Solk says the team continues to provide capital markets capability and guidance for the rest of his Business Capital group, “which,” he states, “is critical based on our strategy of optimizing lease portfolio acquisitions and syndications.”

Also under Solk’s leadership is CIT’s Capital Equipment Finance business. Its new business head, Eric Miller, is the newcomer to the group, although Miller is not a newcomer to the industry, as he came to CIT from GE. Solk explains that this business provides equipment financing solutions mainly through a direct origination channel. Transportation, construction, auto, food and beverage and brown water marine are a few of their targeted industries.  “Timing could not have been better as we have recently acquired some great talent from GE Capital and other large banks,” said Solk. “GE’s exit has afforded us with many opportunities as we build out this business.”

He continues, “As we meet with customers, we are able to bring in other banking products by leveraging OneWest Bank, which includes depository products, treasury management, FX and wealth. In a short time period, we have seen cross sell success with our relationship managers in California at OneWest Bank as well as with our Corporate Finance team in New York. In short, we are able to cross-pollenate opportunities.”

The last business Solk addresses is Commercial Services, which is led by Marc Heller.  Heller has recently assumed the leadership role of the business, and is one of the most experienced executives in the factoring industry. CIT’s legacy factoring business boasts a 60-plus year history originating in the apparel and textile segments and now has expanded to, among other segments, the furniture and home furnishings, and consumer electronics.  “Commercial Services is one of the largest factoring companies in the United States and we have a competitive advantage with our long-standing relationships and best-in-industry client services.  We have strong expertise in understanding how to work with both the clients who are the manufacturers and importers of the goods as well as working with their customers, the buyers. We are very strong in the international market as well. We work with foreign banks and factors whose clients export to the U.S. and U.S. firms selling internationally. The team is also building out several new business segments, which includes supply chain finance and receivable exposure management."

The Pathway to Fulfilling a ‘Simple’ Mission

As for his role, Solk underscores the ultimate objective of growing profitable businesses. “When you consider what we are out to accomplish as Ellen articulated to the marketplace a few weeks back, all of these businesses fit into our core strategy by providing lending and leasing products and solutions to middle-market customers on a national scope. Leveraging our OneWest Bank acquisition, we can now offer a full suite of banking products and solutions. They all tie together in CIT’s strategy to create a leading national middle-market bank.”

With Alemany now at the helm of the organization, we took the opportunity to better understand her leadership style and what it means for CIT as the future unfolds. Solk states, “I’ve known Ellen for 10-plus years. To begin with, she’s a strong leader and uniquely experienced as the Chief Executive Officer of CIT. She understands both the commercial finance segments of the organization, as well as the ability to successfully run a national bank as she demonstrated as CEO of Citizens."

Beyond Alemany’s qualifications, Solk also notes, “Ellen has provided our leadership team with the tools and an open and transparent environment to execute on our goals and succeed in our roles. She has empowered us to build profitable client- and employee-centric businesses. Speaking from my own experience, this has always been Ellen’s vision -– to focus on the client, the employees, and the communities we serve.”

Solk continues, “She knows how to build extremely collaborative leadership teams. Our current team is highly focused, collaborative, energized and working hard in achieving our corporate objectives.”

In CIT’s case, this new era of leadership brings a clear vision that leverages new opportunities while at the same time, capitalizing on core competencies acquired over time. As for Solk, he’s ready to bring it on. He closes by saying, “The fabric of CIT’s commercial finance history hasn’t been lost … it’s still there and it’s strong. New opportunities lie in our ability to become more competitive as we create a leading national middle-market bank."

Senior Editor | ABL Advisor
Stuart Papavassiliou is senior editor of ABL Advisor and Equipment Finance Advisor. He has worked in publishing for more than fifteen years.

Contact Stuart Papavassiliou at 484.380.2964 or

[  View APN Profile for Stuart Papavassiliou  ]

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.