CIT Provides $1.2 Billion of Loan Commitments to Small and Mid-Size Businesses in the Third QuarterRepresents 9% Increase Over Prior QuarterCIT Bank Originates Approximately 90% of U.S. Funded VolumeThursday, November 10, 2011 08:30 AM
Our new business activity remained strong in what is typically a slower transactional period. We continued to see interest in asset based and cash flow lending among our small business and middle market clients, particularly in our Commercial & Industrial and Energy groups.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that its Corporate Finance segment completed transactions that provided $1.2 billion in new loan commitments during the quarter ended September 30, 2011. This is an increase of 9% over the second quarter. New funded volume for the quarter was $700 million, down slightly from $733 million sequentially, reflecting lower initial fundings on new asset-based revolvers.
Jim Hudak, President and Co-Head of Corporate Finance at CIT, said, “Our new business activity remained strong in what is typically a slower transactional period. We continued to see interest in asset based and cash flow lending among our small business and middle market clients, particularly in our Commercial & Industrial and Energy groups.”
Peter Connolly, President and Co-Head of Corporate Finance at CIT, added, ”We won more agency roles as clients sought out CIT’s deep middle market industry expertise. We were successful in increasing our CIT Bank originations as approximately 90% of our U.S. funded volume was done by the Bank this quarter.”
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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 Commercial Real Estate, Communications, Energy, Entertainment, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports and Gaming. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2011, it had $4.9 billion of deposits and $7.5 billion of assets. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing 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. cit.com
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