CIT announced that it received notice from the Federal Reserve Bank of New York (the FRBNY) that the Written Agreement, dated August 12, 2009, between CIT and the FRBNY has been terminated.
In a related story, Reuters reported that CIT shares rose as much as 7.4% to their highest in more than two years after CIT’s announcement.
In a subsequent news release, CIT announced that its board of directors approved the repurchase of up to $200 million of common stock through December 31, 2013.
“We are very pleased to announce this share repurchase plan,” said John A. Thain, chairman and chief executive officer. “The decision by our Board is reflective of the strength of our balance sheet and the significant progress that we have made at CIT.”
CIT said management will determine the timing and amount of any share repurchases under the share repurchase authorizations based on market conditions and other considerations.
To read the full Reuters article click here.