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The Second Century (2008 – Present)

The CIT Centennial coincided with the global financial crisis that severely impacted financial markets and posed a grave threat to all financial institutions, including CIT. We took dramatic measures to withstand the downturn and position ourselves for long-term prosperity.

An Important Milestone

In 2008, CIT reached a milestone rare in corporate America: our hundredth anniversary. On Monday, February 11, "CIT Centennial Day," CIT executives and board members, along with executives of CIT-supported civic and cultural organizations, rang the opening bell at the New York Stock Exchange.

A Gathering Storm

  • Early 2008 – CIT took definitive steps to position ourselves to withstand the recession. In April CIT ceased student loan originations. In July, we sold our home lending business as we sought to secure liquidity.
  • Late 2008 - CIT converted to a bank holding company in December. CIT also received funds through the U.S. Treasury's Troubled Asset Relief Program (TARP). The investment enabled CIT to continue to meet its obligations and maintain its commitments to its small business and middle market clients.
  • 2009 - CIT faced a worsening liquidity crisis, culminating in the denial of access to the FDIC's Temporary Liquidity Guarantee Program (TLGP), which threatened to force us into liquidation. In response, we secured rescue financing from a group of our bondholders, allowing us time to develop and execute a plan of reorganization and win overwhelming bondholder support for the largest ever pre-packaged bankruptcy. Fewer than 40 days after entering bankruptcy, CIT became the first financial services company in history to emerge intact.

Reorganization and Diversification

  • 2010 - CIT named seven new independent directors and appointed financial services veteran John Thain, Chairman and Chief Executive Officer.
  • 2011 - CIT Bank (Member FDIC) was launched online to offer a range of savings products including CDs, savings accounts, IRAs and custodial accounts.

Turnaround and Return to Profitability

  • 2013 - The Federal Reserve Bank of New York terminated the written agreement that CIT entered into back in 2009, and CIT announced a plan to repurchase up to $200 million of common stock through December 31, 2013.
  • 2014 - CIT acquired Direct Capital Corporation, a provider of financing to small and mid-sized businesses known for its market-leading customer service and proprietary online lending platform. In addition, CIT acquired Nacco SAS, one of the largest independent full-service railcar lessors in Europe.

Building Momentum

  • 2015 - CIT completed the acquisition of IMB Holdco LLC, the parent company of OneWest Bank, for $3.4 billion in cash and stock. As part of the transaction, CIT Bank merged with and into OneWest Bank, which was renamed CIT Bank, N.A. It operates an Internet banking franchise, as well as a network of 70 retail branches throughout Southern California as OneWest Bank, a division of CIT Bank, N.A.
  • 2016 – Ellen Alemany succeeded John Thain as Chairwoman and Chief Executive Officer after serving as a member of CIT’s board of directors since 2014.
  • 2017 – CIT announced a definitive agreement to sell NACCO, the European rail leasing business, to German-based VTG Aktiengesellschaft (VTG). This deal helped CIT continue progress toward transforming our company by focusing on maximizing the potential of our commercial banking and deposit franchises.