CIT’s Thain Looking to Buy a Bank
At a recent investor conference, CIT chief executive John Thain said CIT is looking to acquire a bank of significant size as the company tries to broaden its funding sources.
At a recent investor conference, CIT chief executive John Thain said CIT is looking to acquire a bank of significant size as the company tries to broaden its funding sources.
CIT Bank has agreed to acquire Direct Capital, a provider of financing to small and mid-sized businesses. As part of the acquisition, Christopher J. Broom, co-founder and chairman and James P. Broom, CEO will continue to lead the business.
CIT Bank announced the launch of its RampUp Family of CDs that are term CDs offering customers the flexibility to raise their interest rates once during the CDs term should rates go up.
CIT Group announced CIT Maritime Finance provided a $95.2 million facility to Heron Ventures. CIT financing was provided by CIT Bank.
ABN AMRO Capital announced it agented a $117 million revolver for Eureka Hunter Pipeline, with CIT Bank serving as syndication agent.
Barclays and RBC Capital Markets served as co-managers on a transaction in which CIT Bank closed a $750 million equipment lease securitization.
CIT said it provided a senior secured credit facility to The Fragrance Outlet (TFO), a national retailer of perfumes and colognes.
CIT said that it has arranged a senior secured credit facility for Odyssey Investment Partners to support Odyssey’s acquisition Cross Country Pipeline Supply.
CIT said it has named Randall Chesler as president of CIT Bank, its U.S. commercial bank subsidiary. He is currently vice chairman of CIT Bank and previously served as president of Consumer Finance and Small Business Lending at CIT.
CIT announced that it arranged a $60 million senior secured credit facility for Independence Contract Drilling. CIT Corporate Finance served as sole lead arranger and sole lead administrative agent.