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Adapting To Change (1966 - 1985)

By the late 1960s the postwar boom was ebbing: drift and doubt began to creep back into the economy. Through the 1970s CIT redefined its business lines in a successful effort to stay ahead of landmark changes in politics, culture, and the economy.

New Needs, New Directions

  • 1968 - CIT undertook work-study programs, on-site job training and other measures to create opportunities for minorities and women.
  • 1969 - CIT withdrew from auto financing, once a pioneering business, and turned instead to personal and home equity loans and equipment leasing.
  • 1970 - CIT acquired two more banks while maintaining our commitment to social change by offering loans for minority-owned small businesses, as well as a $5.6 million loan for a low-income housing project in Georgia.

Stall and Recovery

  • 1971 - CIT enjoyed unprecedented success, noting record-high earnings for the twentieth consecutive year.
  • 1972 - CIT profits declined 3.3 percent, reflecting "stagflation" in the national economy - a perplexing combination of unemployment and inflation.
  • 1977 – Vigorous consumer spending, assisted in part by CIT and more than 1,000 consumer finance offices, fueled a recovery.
  • 1979 - Restrictive banking rules prompted CIT to sell its bank, National Bank of North America.

New Rules, New Era

  • 1980 - RCA Corporation acquired CIT and sold its four manufacturing businesses - Picker, Gibson, All-Steel and RACO. Despite these changes, CIT net earnings of $177.4 million were the highest in its history.
  • 1982 - CIT sold our Madison Avenue building and prepared to move to new, campus-like quarters in Livingston, NJ,
  • 1984 - RCA sold CIT to Manufacturers Hanover Trust Corporation, which felt that CIT’s experience serving mid-size companies would complement its own in larger businesses.
  • 1985 - CIT continued our long-time involvement in energy exploration and in commercial aircraft, shipping and equipment leasing.