The LA Times reported CIT stands to collect more than $1.4 billion from federal regulators to cover future losses if its purchase of OneWest Bank be approved.
CIT Group announced CIT Real Estate Finance provided a $19 million senior secured loan to Hayden Maguire Real Estate Fund I. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Fitch Ratings assigned BB+/B long- and short-term IDRs to CIT Group, as well as a stable Rating Outlook. However, Fitch notes that the pending OneWest Bank acquisition poses modest integration and execution risks.
CIT said its annual retail outlook study of more than 250 senior middle market retail executives found cautious optimism among respondents with 55% saying holiday sales will increase by 6% or more in 2014.
Capital markets activity continues to accelerate, as interest rates are looming, according to Neil Wessan, group head and managing director of CIT Capital Markets, as part of the CIT Executive Insights series.
Middle market executives have a positive outlook for their businesses with nearly two-thirds indicating that their companies are better off today than last year, according to CIT’s third annual Voice of the Middle Market study.
CIT Commercial Services announced it will host a specialized industry conference that will focus on strategies and innovations in financing the fashion industry.
LiftForward hired Christine Reilly as chief risk officer. Reilly has more than 30 years of experience in the financial services industry, including nearly six years as president of CIT Group’s Small Business Lending.
CIT Group announced it provided a $25 million facility to the Transilwrap Company, to acquire MetPro Group. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
In a recent CIT Executive Insights, Marc Heller discusses how the Great Recession has changed the face of the banking and finance worlds for many businesses in the apparel sector.