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CIT Provides over $1 Billion of Loan Commitments to Small and Mid-Size Businesses in the Second Quarter
Nearly 30% Increase over Prior Quarter
Thursday, July 28, 2011 08:30 AM
We were very pleased with our progress this quarter as we nearly doubled the number of new agency roles and continued to build a pipeline for new business across all of our industry groups.

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Corporate Finance segment completed transactions that provided over $1 billion in new loan commitments during the quarter ended June 30, 2011, an increase of nearly 30% over the first quarter when the group completed $817 million in new commitments. New funded volume for the quarter was $733 million, up 56% or $471 million sequentially.

“Our efforts to provide more than $1 billion in financings to small businesses and middle market companies is reflective of CIT’s commitment to these two sectors that remain vital to the resurgence of the U.S. economy,” said Peter Connolly, President and Co-Head of Corporate Finance at CIT.

Jim Hudak, President and Co-Head of Corporate Finance at CIT, added, “We were very pleased with our progress this quarter as we nearly doubled the number of new agency roles and continued to build a pipeline for new business across all of our industry groups.”

The transactions were completed throughout CIT Corporate Finance’s diverse group of industry segments including: Commercial & Industrial, Communications, Media, & Entertainment, Healthcare, Energy and Small Business Lending.

EDITOR’S NOTE:

Individuals interested in reading about Mssrs. Connolly and Hudak discuss their perspectives on the middle market can view their 2011 Middle Market Outlook at www.cit.com/executivespotlight.

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.

About CIT Corporate Finance

CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including Communications, Energy, Entertainment, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports and Gaming. www.cit.com/corporatefinance

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. A member of the Fortune 500, 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

 

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
973-740-5390
Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
973-597-2020
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
212-771-9650
Ken.Brause@cit.com