JACKSONVILLE, Fla., Feb. 12, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that Vince Mollica was named managing director of the Equipment Finance business. In this role, he will lead the Equipment Finance sales organization with responsibility for commercial lending and leasing in the Industrial, Technology and Office Products markets, as well as for Lender Finance. Mollica will report to Mike Jones, president of the Business Capital division.
"Vince is a seasoned leader with deep industry expertise and over 23 years of experience at CIT," said Jones. "His skill set in Vendor Financing and Business Development makes him a natural fit to lead the Equipment Finance division and advance our growth strategy."
The Equipment Finance division is part of CIT's Business Capital operation and works with manufacturers, franchisors, distributors, resellers, dealers and systems integrators to finance their equipment, software and services to commercial customers.
Mollica joined CIT in 1995 and most recently was senior vice president for Business Development and Structured Transactions in the Equipment Finance operation. Prior to this, he had key roles in Vendor Finance and led programs for a number of technology clients. Earlier in his CIT tenure, Mollica was in the Finance function and supported business lines, as well as corporate finance efforts. Prior to joining CIT, he was with Bank of America and PricewaterhouseCoopers.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $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 Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.