CIT Agrees to Sell Financial Freedom and Reverse Mortgage Portfolio

CIT Bank reached an agreement to sell its reverse mortgage servicing business, Financial Freedom, and its reverse mortgage portfolio to an undisclosed buyer.

CIT Names McPhail EVP, Chief Strategy Officer

CIT Group named Kenneth McPhail executive vice president and chief strategy officer.

CIT Names MD, Adds Sales VP For Franchise Finance Division

CIT Group named Michael Vallorosi as managing director of its franchise finance business and Christopher Wren as a sales vice president of its restaurant franchise finance practice.

CIT Q1 Earnings from Continuing Operations Up 28%

CIT reported Q1/17 net income from continuing operations was $78 million, up 28% from $61.0 million a year earlier. Provision for credit losses in Q1/17 was down 44.5% from $89.5 million a year earlier.

Rosenthal Adds Yang as West Coast VP

Rosenthal & Rosenthal appointed former CIT VP Ying Yang as vice president responsible for business development with a focus on the firm’s West Coast client base.

CIT Leads $275.3 Million Financing for Blue Wolf Capital

CIT Healthcare Finance served as joint lead arranger and joint bookrunner for a $275.3 million senior secured credit facility for Blue Wolf Capital Partners.

CIT Amends Revolver Supporting Sale of Aircraft Leasing Business

CIT Group’s commercial aircraft leasing business entered into an amended revolver that extends the final maturity date and lowers the commitment amount that supports the sale of the business to Avolon Holdings.

AG Adriano Goldschmied, Big Star Select CIT as Sole Factor

CIT Commercial Services was selected as the sole provider of factoring services to AG Adriano Goldschmied and its affiliate, Big Star. Both firms are either owned by or affiliated with Koos Manufacturing, a Los Angeles-based producer of high-end jeans.

CIT Appoints Tufaro EVP, Chief Compliance Officer

CIT Group appointed Paul Tufaro as executive vice president, chief compliance officer. Tufaro joins from Citigroup.

CIT Names Brosnan to Board of Directors; Oros Steps Down

Michael Brosnan has been named to the CIT board of directors, replacing John Oros who has stepped down from board due to the demands of his position with J.C. Flowers.