We are pleased with this decision, which serves as another example of the progress we have made in CIT’s restructuring efforts
NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies and the bank holding company of CIT Bank, today announced that the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) terminated their Cease and Desist orders on CIT Bank that were jointly issued on July 16, 2009.
“We are pleased with this decision, which serves as another example of the progress we have made in CIT’s restructuring efforts,” said John A. Thain, Chairman and Chief Executive Officer. ”CIT remains focused on supporting the small business and middle market sectors that are vital to job growth and the recovery of the U.S. economy.”
Additional information about this announcement will be available in a Form 8-K that will be filed with the Securities and Exchange Commission. This, and other, filings can be found on CIT’s Web site, www.cit.com, in the Investor Relations section.
About CIT Bank
CIT Bank is a state-chartered Utah bank and wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. As of December 31, 2010, it had $4.5 billion of deposits, $7.1 billion of assets, a total capital ratio of 57.7% and Tier 1 Leverage Ratio of 24.2%.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market 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 global vendor finance. www.cit.com.