Bloomberg reported that RadioShack received commitments for $835 million in new financing, replacing its existing $625 million credit facilities, according to a person with knowledge of the matter.
CIT Group reported net income of $200 million, $0.99 per diluted share, for the Q3/13. Funded loan volume totaled $1.1 billion, up from $0.9 billion in Q3/12 and down from $1.3 billion Q2/13.
Reuters reported that the White House said President Barack Obama was scheduled to meet Wednesday with top bank chief executives to discuss the government shutdown and looming deadline to raise the debt limit.
According to the latest ranking by SNL Financial, JPMorgan, Bank of America, Citigroup and Wells Fargo remain the four largest banks in the U.S., while CIT Group is now #35 on the list after meeting SNL’s ranking criteria.
Bloomberg reported that CIT Group is being sued in a trademark dispute by an IL-based truck dealership, which does business as CIT Group Inc., and CIT Group Leasing.
According to CIT senior director of Gaming Finance & Advisory Steve Epperly, the gaming industry has seen significant market activity, and continued growth is expected.
CIT reported Q4 net income of $207 million, $1.03 per share, was up from $36 million or $0.18 per share for the year-ago quarter. Analysts polled by Thomson Reuters expected the company to earn $0.61 per share.
4-Traders.com reported that three years after emerging from Chapter 11 proceedings, CIT Group has eliminated more than $31 billion in debt, but that operating under restrictions from the Fed and increasing competition are concerns for investors.
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