CIT Completes Acquisition of Direct Capital
CIT Bank, the U.S. commercial bank subsidiary of CIT Group, announced it completed its acquisition of Portsmouth, NH-based Direct Capital, a provider of financing to small and mid-sized businesses.
“We are very pleased to complete this acquisition as it will further expand our small business and middle market lending and leasing capabilities,” said Nelson J. Chai, president of CIT Group, chairman and CEO of CIT Bank. “Direct Capital is known for its market-leading customer service and proprietary online lending platform, and we look forward to working together to enhance our competitive position and returns.”
Since its founding in 1993, Direct Capital has provided more than 80,000 small and mid-sized businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and employs 250 individuals. In 2013, it was named to the Inc. 500/5000 and Monitor 100 lists of top growth companies.