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CIT Terminates Agreement With New York Fed, Announces Stock Repurchase

May 31, 2013, 08:03 AM
Filed Under: Industry News

CIT Group, a leading provider of financing and advisory services to small businesses and middle market companies, announced that it received notice from the Federal Reserve Bank of New York (the FRBNY) that the Written Agreement, dated August 12, 2009, between CIT and the FRBNY has been terminated.

To view the entire Written Agreement between CIT and the Federal Reserve Bank of NY, click here.

In a related story CIT announced that its Board of Directors approved the repurchase of up to $200 million of common stock through December 31, 2013.

“We are very pleased to announce this share repurchase plan,” said John A. Thain, Chairman and Chief Executive Officer. “The decision by our Board is reflective of the strength of our balance sheet and the significant progress that we have made at CIT.”

Management will determine the timing and amount of any share repurchases under the share repurchase authorizations based on market conditions and other considerations.

Founded in 1908, CIT is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank, offers a suite of savings options designed to help customers achieve a range of financial goals.

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