PASADENA, Calif., Jan. 10, 2019 /PRNewswire/ -- CIT Bank N.A., the banking subsidiary of CIT Group Inc., today announced a $350,000 grant in support of Neighborhood Housing Services of Los Angeles (NHS). The grant is CIT's second for the organization and will provide affordable lending, financial education and real estate services to 4,500 low- and moderate-income residents across Los Angeles County.
"CIT is pleased to partner with NHS to build stronger, more equitable communities across Southern California," said Steve Solk, president of Consumer Banking for CIT. "NHS plays a critical role in empowering thousands of local residents to achieve economic prosperity and a better quality of life."
CIT's commitment will support the Sustainable Communities Initiative, which aims to develop new multifamily and single-family housing units, provide financial assistance for families at risk of foreclosure, and offer homeowner counseling services to local residents.
"NHS is grateful for CIT's partnership as we work to drive transformative change across the region and serve neighborhoods of opportunity," said Lori Gay, president and CEO of NHS LA. "This grant furthers our ability to revitalize communities, broaden access to resources and improve the quality of life for thousands of local residents."
In 2017, CIT provided its first grant to NHS LA in support of the Sustainable Communities Initiative. Approximately 3,669 homeowners received financial counseling and 259 affordable loans were originated and closed as a result of CIT's support.
CIT's banking subsidiary is based in Pasadena, California, and includes the OneWest Bank Southern California branch network. CIT is committed to meeting the banking and credit needs of the local Southern California community. For more information on CIT visit www.cit.com.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
SOURCE CIT Group Inc.