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Post-War Prosperity (1946 - 1965)

When America turned its energies to post-war production, it demonstrated the confidence of victory as well as an awesome capacity for growth and widely shared prosperity. CIT helped provide the capital fueling this unprecedented expansion of the national economy.

At Peace and At Work

  • 1947-1950 – CIT’s net income rose from $7.3 million to $30.8 million. 
  • 1948 - CIT founder Henry Ittleson died at age 77. CIT President Arthur Dietz continued to innovate and bring new business entities to life.
  • 1953 - CIT started a new subsidiary, Patriot Life Insurance Company, opened a consumer finance office in Hawaii and established our first employee health plan.
  • 1954 - The National Highway Act was passed by Congress, creating the Interstate Highway System and launching one of the largest construction projects in history. Dietz served as Chairman of the Highways for Survival Committee which mobilized support for the Act. As supplier of financing for autos and construction equipment, CIT helped put Americans into new automobiles and onto safer, more efficient roads.

A New Home

  • 1957 - CIT moved into its own, new building at 650 Madison Avenue.
  • 1958 – On the year of our 50th anniversary, CIT purchased a manufacturing company, Picker X-ray. Over the next eight years, Picker doubled its profits and repaid CIT’s entire investment. CIT also purchased Bank of North America to establish a personal loan portfolio.
  • 1960 - Walter Lundell succeeded Dietz as president of CIT.
  • 1964 - CIT diversification continued with the purchase of Gibson Greeting Cards, the nation's third largest card company. CIT also combined several factoring units into a new subsidiary, Meinhard-Commercial.

Confident and Prospering

  • 1965 - CIT added Meadow Brook Bank and soon merged with Bank of North America to form the National Bank of North America. We also acquired another manufacturing business, All-Steel Equipment, Inc., maker of office furniture. At the end of the year, CIT passed a major milestone, having recorded $100 billion in financing volume since its founding in 1908. Half of that volume had been generated in the 10 years since 1955.