You are using an outdated browser. Please upgrade your browser to use this site.

A New Economy (1986 - 2007)

The 1980s brought a new era of business innovation, while the 1990s brought sweeping technological change. With unprecedented productivity came opportunities to prosper and build. CIT was there to help businesses and consumers make the most of them.

Doing More With Less

  • 1986 - After transferring our $1.35 billion consumer loan portfolio to Manufacturers Hanover Trust Corporation (MHC), CIT focused exclusively on business clients.
  • 1987 - After an earnings drop of $96.6 million, we sold our mobile home finance business in the Southwest and reduced our workforce by 10 percent.
  • 1989 - Parent company MHC sold a 60 percent majority interest in CIT to Dai-Ichi Kangyo Bank, Limited of Japan (DKB), a move that reflected major shifts in the global economy.

Around the World

  • 1991 - CIT acquired Fidelcor Business Credit Corporation, greatly increasing our small business service capabilities.
  • 1992 - CIT opened 15 new offices in seven states to provide home equity mortgages, and started a 10-year streak of record-high earnings.
  • 1997 - CIT held an IPO, was re-listed on the NYSE and posted earnings past the $300 million mark for the first time in our history.
  • 1998-2000 - CIT achieved majority public control from DKB, and our acquisition of Newcourt Credit Group extended our financing reach around the globe. In 1998 and 1999, CIT topped Information Week's list of leading technology innovators and appeared on Fortune's list of "America's Most Admired Companies."
  • 2002 – CIT became 100 percent publicly owned following a brief acquisition by Tyco Corporation.
  • 2004 - CIT purchased CitiCapital's vendor financing business in Germany, marking our first European acquisition and increasing our international capabilities.

Power of Imagination

  • 2006 - The CIT Building, a new, 28-story, glass-encased tower building at 505 Fifth Avenue, in which we housed our headquarters, officially opened.
  • 2007-2008 - Financing of a sports arena in New Jersey and a 15-film arrangement with Dark Castle Entertainment expressed our new range and flexibility.