• News

    Stay on top of past and present CIT announcements by reading our press releases.


  • pdf print email rss
    CIT Commits $65 Million For Affordable Housing
    Financing to support the Southern California community
    Thursday, October 19, 2017 11:00 AM

    PASADENA, Calif., Oct. 19, 2017 /PRNewswire/ -- CIT Bank, N.A. (Member FDIC, Equal Housing Lender), and its Southern California retail bank division OneWest Bank, today announced a commitment of $65 million to affordable housing.

    CIT logo

    Contributions are spread across five organizations to facilitate affordable housing projects in the Southern California area where the bank's 70 retail branches are located.  These organizations include CREA ($15 million), R4 Capital ($15 million), WNC ($15 million), Enterprise Investment Partners ($10 million), and the National Equity Fund ($10 million).

    "We are proud to partner with these five organizations and play an integral role in addressing the needs of the communities we serve," said Steve Solk, president, CIT Consumer Banking. "Providing affordable housing will drive economic empowerment for residents and families across the Southern California region."

    The recent investment will result in over 2,000 units in Southern California assessment area with approximately 60 percent for families, 30 percent for seniors and 6 percent for supportive housing.

    "We're making a measurable impact in the community by rehabilitating, preserving, and building affordable housing," said Bryon Reed, senior vice president of Community Reinvestment in California. "CIT Bank is honored to provide this critical financing."

    In August, CIT Bank announced a $2.5 million investment in the Clearinghouse CDFI to support affordable housing, small business lending and community facility lending. Earlier this year, another $55 million commitment was made through a partnership with National Equity Fund to support affordable housing across Southern California.

    About CIT
    Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

    For more information visit cit.com and follow us on TwitterLinkedInYouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.

    CIT MEDIA RELATIONS:  
    Olivia Weiss  
    (212) 771-9657  
    olivia.weiss@cit.com

    SOURCE CIT Bank, N.A.

  • Retail

    L.A. Fashion Industry Profile

    The Los Angeles fashion industry continues to play a crucial role in the city's economy and adopts a vanguard position trends that are changing the fashion industry.
    Twitter
    CIT  ‏@citgroup  3 Days ago

    Could free shipping become the new normal? Learn more. #ViewfromtheMiddle ow.ly/VFZ6t