NEW YORK--(BUSINESS WIRE)--CIT Bank, a wholly owned subsidiary of CIT Group Inc.(NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it has closed a $1 billion committed U.S. Vendor Finance conduit facility (Facility) with Barclays Bank PLC as Administrative Agent and three additional banks as committed lenders. The Facility provides an additional source of funding for CIT Bank’s U.S. Vendor Finance assets.
The private Facility will allow the U.S. Vendor Finance business to fund both existing assets and new originations within CIT Bank. The revolving period of the Facility expires in June 2014 with a final maturity in 2021.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is a 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 March 31, 2012, it had $6.7 billion of deposits and $9.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. BankOnCIT.com
About CIT Vendor Finance
CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs.cit.com/vendorfinance
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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 also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com