Highlights:

• Third quarter net income available to common shareholders of $132 million or $1.15 per diluted common share; income from continuing operations available to common shareholders of $129 million or $1.13 per diluted common share
• Excluding noteworthy items, third quarter income from continuing operations available to common shareholders1 of $131 million or $1.15 per diluted common share
• Average loans and leases were essentially unchanged compared to the prior quarter and up 2% compared to the year-ago quarter. Average loans and leases in core portfolios2 grew 2% compared to the prior quarter and 8% compared to the year-ago quarter.
  • Funded volume increased to $3.1 billion, up 38% compared to the year-ago quarter
• Completed repurchase of $291 million in common equity in 3Q18, consisting of approximately 5.5 million shares at an average price per share of $52.91
  • Completed the purchase of an additional $188 million in common equity through Oct. 22, consisting of 3.8 million shares at an average price of $49.63
  • $271 million remaining in current share repurchase authorization, most of which is expected to be completed by year-end
  • CET1 ratio of 12.3% at the end of the quarter remains above our target level
• Completed the sale of our European railcar leasing business (NACCO) on October 4
  • Use of net proceeds of $1.1 billion to include liability management actions, including the termination of the TRS, and return of capital to shareholders under the current share repurchase authorization
  • Expected sale of approximately $350 million of railcar assets to CIT Bank to enable more efficient deposit-based funding

CIT Group Inc. (NYSE: CIT) today reported third quarter net income available to common shareholders of $132 million or $1.15 per diluted common share, compared to net income available to common shareholders of $220 million or $1.61 per diluted common share for the year-ago quarter. Income from continuing operations available to common shareholders for the third quarter was $129 million or $1.13 per diluted common share, compared to income available to common shareholders of $223 million or $1.64 per diluted common share in the year-ago quarter.

Income from continuing operations available to common shareholders excluding noteworthy items for the third quarter was $131 million or $1.15 per diluted common share, compared to $139 million or $1.02 per diluted common share in the year-ago quarter, as lower net finance revenue and an increase in the provision for credit losses were partially offset by higher other non-interest income and lower operating expenses. The increase in income from continuing operations excluding noteworthy items per diluted common share reflects the decline in the average number of diluted common shares outstanding due to significant share repurchases over the past four quarters.

"In the third quarter, we delivered strong performance in all areas of our strategic plan," said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. "The average core loan and lease portfolio grew 8% year-over-year driven by strong originations as our strategic initiatives gained momentum. In addition, we made significant progress in reducing operating expenses, returning capital and driving greater funding efficiency through continued consumer deposit growth and the extension of debt maturities."

Alemany continued, "In October, we completed the sale of the European rail business, which enabled us to initiate a series of liability management actions to further optimize our funding profile. Collectively, these efforts advance our plan to improve our return on tangible common equity."

Return on Tangible Common Equity (ROTCE)3 for continuing operations was 9.66%. ROTCE for continuing operations excluding noteworthy items3 was 9.78%. Tangible book value per common share at September 30, 2018 was $50.02. The preliminary Common Equity Tier 1 Capital ratio decreased from the prior quarter and remained strong at 12.3%, and the preliminary Total Capital ratio decreased to 15.1% at September 30, 2018.

Financial results for the third quarter in continuing operations included noteworthy items related to our strategic initiatives:

• $16 million (after tax) ($0.14 per diluted common share) charge in other non-interest income from an impairment to the indemnification asset related to a loss share agreement on assets in our Legacy Consumer Mortgage (LCM) portfolio in the Consumer Banking segment.
• $11 million (after tax) ($0.09 per diluted common share) benefit from a release of a valuation reserve in other non-interest income related to assets held for sale in China in the Non-strategic Portfolios (NSP) segment.
• $6 million (after tax) ($0.05 per diluted common share) benefit in net finance revenue from the suspension of the depreciation of assets related to NACCO that were in assets held for sale.
• $3 million (after tax) ($0.02 per diluted common share) in debt extinguishment costs related to the redemption of $500 million in unsecured senior debt.

Income Statement Highlights: Income from continuing operations available to common shareholders excluding noteworthy items4was $131 million compared to $125 million in the prior quarter, primarily reflecting lower operating expense and income tax expense and no semi-annual preferred dividend paid in the current quarter, partially offset by a decline in other non-interest income and higher credit costs.

Net finance revenue5 was $389 million, unchanged from the prior quarter. Net finance revenue in the current and prior quarters included a $9 million benefit from the suspension of depreciation expense related to NACCO because its assets were included in assets held for sale. Excluding noteworthy items, net finance revenue5 was $381 million, compared to $380 million in the prior quarter, as higher net operating lease income, driven by a lease prepayment and lower maintenance costs in Rail, were mostly offset by higher deposit costs.

Net finance revenue as a percentage of average earning assets ("net finance margin5") excluding noteworthy items was 3.36%, a 7 bps increase from 3.29% in the prior quarter. The increase in net finance margin excluding noteworthy items reflects higher yields on commercial loans and an increase in rental income, partially offset by higher deposit costs and the full quarter impact of the sale of the reverse mortgage portfolio.

Net finance revenue in the year-ago quarter included an $8 million benefit from the suspension of depreciation expense related to NACCO because its assets were included in assets held for sale. Excluding noteworthy items, net finance revenue decreased $12 million or 3% compared to the year-ago quarter. The decrease in net finance revenue primarily reflected higher funding costs and lower net purchase accounting accretion, partially offset by higher income on loans in the Commercial Banking segment and on investment securities.

Net finance margin excluding noteworthy items decreased 10 bps compared to the year-ago quarter, reflecting the aforementioned drivers of the decrease in net finance revenue, partially offset by a shift in asset mix from interest-bearing deposits to higher yielding assets.

Other non-interest income was $86 million compared to $135 million in the prior quarter. Other non-interest income in the current quarter included aggregate noteworthy items of a $10 million net charge in other revenue from a $21 million impairment charge to the indemnification asset related to a loss share agreement on assets in our LCM portfolio in the Consumer Banking segment that was partially offset by an $11 million benefit from a release of a valuation reserve related to assets held for sale in China in the NSP segment. Other non-interest income in the prior quarter included aggregate noteworthy items of a $29 million benefit in other revenues related to the Financial Freedom transaction, primarily a gain on the sale of the reverse mortgage portfolio.

Excluding noteworthy items, other non-interest income6 was $97 million, compared to $106 million in the prior quarter, which included income of $5 million related to the reverse mortgage portfolio in Consumer Banking that was sold in the prior quarter and a $6 million benefit from a release of reserves related to the OneWest acquisition. Factoring commissions increased $4 million from seasonally higher volumes, partially offset by a lower average commission rate. Fee income increased $2 million.

Other non-interest income in the year-ago quarter included noteworthy items totaling $27 million in aggregate charges related to the Financial Freedom transaction, including a $5 million write-down of OREO, a $9 million impairment of reverse mortgage-related assets and a $12 million write down of reverse mortgage loans. Other non-interest income excluding noteworthy items increased by $7 million from the year-ago quarter reflecting higher income from bank-owned life insurance (BOLI).

Operating expenses excluding noteworthy items and intangible asset amortization7 in the current quarter was $257 million, a decrease from $262 million in the prior quarter, driven primarily by decreases in employee costs and professional fees, partially offset by a $5 million reversal of a non-income tax-related reserve in the prior quarter.

Operating expenses in the year-ago quarter included $3 million in restructuring charges. Compared to the year-ago quarter, operating expenses excluding noteworthy items and intangible asset amortization decreased $11 million or 4%, primarily reflecting lower professional fees, partially offset by higher other non-income tax expenses.

The net efficiency ratio7 increased to 54% compared to 50% in the prior quarter. The net efficiency ratio excluding noteworthy items7 was 54%, unchanged from the prior quarter, as the decrease in other non-interest income was offset by the decrease in operating expenses. Compared to the year-ago quarter, the net efficiency ratio excluding noteworthy items improved from 56%, primarily due to the decrease in operating expenses and increase in other non-interest income, partially offset by the decrease in net finance revenue.

Debt Extinguishment CostsWe recognized $3 million in debt extinguishment costs associated with the redemption of $500 million of unsecured senior debt from the proceeds of the issuance of $500 million in unsecured senior debt earlier in the quarter. In the prior quarter, we recognized $19 million in debt extinguishment costs associated with the redemption of $883 million of unsecured senior debt from the proceeds of the issuance of $1 billion in unsecured senior debt in the first quarter 2018. In the year-ago quarter, we recognized $54 million in debt extinguishment costs associated with the repayment of $800 million of unsecured senior debt.

Income TaxesThe provision for income taxes in the current quarter of $41 million included an aggregate of $5 millionin discrete tax benefits. The provision for income taxes in the prior quarter of $57 million included an aggregate of $2 million in discrete tax expense, and the benefit for income taxes in the year-ago quarter of $120 million included a $140 million deferred tax benefit from a restructuring of an international legal entity.

The effective tax rate in the current quarter was 24%. Excluding discrete tax items and noteworthy items, the effective tax rate was 28% in the current quarter and 27% in the prior and year-ago quarters.

Total earning assets decreased 1% compared to the prior quarter, primarily reflecting the deployment of interest-bearing cash into certain liability management and capital actions. Total earning assets increased 1% compared to the year-ago quarter, primarily reflecting growth in loans and leases, partially offset by a decrease in interest-bearing cash. Total loans and leases increased 3% from the prior quarter and 4% from the year-ago quarter, primarily reflecting the growth in commercial loans.

Average earning assets decreased 2% from the prior quarter, primarily reflecting the deployment of interest-bearing cash into certain liability management and capital actions. Average earning assets compared to the year-ago quarter declined slightly, reflecting a decline in interest-bearing cash and run-off of legacy portfolios, partially offset by growth in the core portfolios and the investment portfolio.

Average loans and leases were essentially unchanged in the quarter, as growth in Commercial Finance, North America Rail and Business Capital within the Commercial Banking segment and in Other Consumer Lending within the Consumer Banking segment was offset by the sale of the reverse mortgage portfolio and run-off of the LCM portfolio. Average loans and leases in the core portfolio grew by 2% compared to the prior quarter. Continued strong growth in funded volume across core divisions in both Commercial Banking and Consumer Banking was the key driver of core portfolio growth in the quarter. Average loans and leases in the core portfolio grew 8% compared to the year-ago quarter, driven by growth in Business Capital and Commercial Finance divisions of Commercial Banking and the Other Consumer Lending division of Consumer Banking.

Cash and Investment SecuritiesInterest-bearing cash and investment securities (including securities purchased under agreements to resell) were $7.7 billion at Sept. 30, 2018, and consisted of $1.2 billion of interest-bearing cash and $6.5 billion of investment securities. In addition, there was approximately $0.2 billion of non-interest-bearing cash.

Of the interest-bearing cash and investment securities, $6.8 billion was at CIT Bank, N.A. (CIT Bank) and $0.6 billion was at the financial holding company, while the remaining $0.3 billion consisted of amounts held at the operating subsidiaries and restricted balances.

Deposits at Sept. 30, 2018 represented approximately 78% of CIT's funding, unchanged from June 30, 2018, as declines in savings and online money market accounts and interest-bearing checking accounts were offset by growth in time deposits in the online and retail channels. Average deposits increased by $275 million or 1% compared to the prior quarter, driven by growth in the consumer-based direct bank. The loans and leases-to-deposits ratio at CIT Bank was 101% at Sept. 30, 2018, compared to 96% at June 30, 2018. For CIT Group, the loans and leases-to-deposits ratio was 126% at Sept. 30, 2018, compared to 121% at June 30, 2018.

The weighted average rate on average outstanding deposits in the current quarter increased 15 bps to 1.58% from 1.43% in the prior quarter. Compared to the year-ago quarter, the weighted average rate on average outstanding deposits increased 36 bps from 1.22%. The rate increases from the prior and year-ago quarter both primarily reflect increases in average savings accounts and time deposits in the online and retail channels, partially offset by a reduction in higher-cost brokered deposits.

Unsecured borrowings comprised 11% of the funding mix at Sept. 30, 2018, unchanged from the level at June 30, 2018. During the quarter the $500 million in unsecured debt due in 2019 was redeemed with the proceeds of the issuance of $500 million in unsecured senior debt due in 2024.

The weighted average coupon on our unsecured senior and subordinated debt was 5.05% at Sept. 30, 2018, with a weighted average maturity of approximately 4.9 years, compared to 4.95% at June 30, 2018, with a weighted average maturity of approximately 4.5 years.

Secured borrowings decreased primarily due to a decrease in FHLB borrowings and comprised 11% of the funding mix at Sept. 30, 2018, compared to 11% at June 30, 2018. A portion of the net proceeds from the sale of NACCO, which closed in October 2018, will be used to terminate a Dutch subsidiary's total return swap facility (TRS) and redeem the railcar securitization that serves as the TRS's reference obligation, which will reduce total secured borrowings by approximately $465 million.

Capital actions during the quarter included the repurchase of approximately 5.5 million common shares at an average share price of $52.91 and a quarterly cash dividend of $0.25 per common share. Subsequent to the end of the third quarter and through Oct. 22, we repurchased an additional approximately 3.8 million common shares at an average share price of $49.63. As a result, of the current $750 million share repurchase authorization, $271 million remains, most of which is expected to be completed by year-end.

Common stockholders' equity decreased from the prior quarter, primarily driven by the capital returns, partially offset by net income in the current quarter. Tangible book value per common share increased in the quarter to $50.02, as retained earnings and the reduced share count were partially offset by share repurchases and unrealized losses on investments in other comprehensive income.

Total common shares outstanding was 110.6 million at Sept. 30, 2018, down from 116.0 million at June 30, 2018 and 131.4 million at Sept. 30, 2017.

The preliminary Common Equity Tier 1 Capital ratio decreased from the prior quarter and remained strong at 12.3%. Common Equity Tier 1 Capital decreased primarily from capital returns in the quarter, partially offset by earnings. Risk-weighted assets (RWA) increased primarily reflecting growth in our core portfolio, including a seasonal increase in the Commercial Services business. The preliminary Total Capital ratio also decreased from the prior quarter to 15.1%.

On Oct. 15, 2018, the Board of Directors declared a quarterly cash dividend of $0.25 per common share on outstanding common stock. The dividend is payable on Nov. 27, 2018 to common shareholders of record as of Nov. 13, 2018.

On Oct. 15, 2018, the Board of Directors declared a semi-annual dividend of $29.00 per share on outstanding preferred stock. The dividend is payable on Dec. 17, 2018, to preferred shareholders of record as of Nov. 30, 2018.

ProvisionThe provision for credit losses was $38 million in the current quarter including $39 million related to the Commercial Banking segment, while the Consumer Banking segment had a $1 million reserve release. In the prior quarter, all of the $33 million provision for credit losses was related to the Commercial Banking segment. The increase in the provision for credit losses from the prior quarter was primarily driven by asset growth and an increase in charge-offs in the Commercial Banking segment.

The provision for credit losses in the year-ago quarter was $30 million, which included a noteworthy item of a $15 million charge related to the transfer of the reverse mortgage portfolio to assets held for sale in Consumer Banking in connection with the Financial Freedom transaction. The increase in the provision for credit losses from the year-ago quarter was primarily driven by asset growth.

Net Charge-offsNet charge-offs were $26 million (0.35% of average loans), compared to $15 million (0.21% of average loans) in the prior quarter and $42 million (0.58% of average loans) in the year-ago quarter. Net charge-offs in the year-ago quarter included a noteworthy item of $15 million for charge-offs related to the transfer of the reverse mortgage portfolio to assets held for sale. Excluding noteworthy items, net charge-offs in the year-ago quarter were $26 million (0.36% of average loans).

Nearly all net charge-offs are in the Commercial Banking segment. Net charge-offs in the Commercial Banking segment were $25 million (0.42% of average loans), up from $15 million (0.25% of average loans) in the prior quarter and $22 million (0.39% of average loans) in the year-ago quarter.

Loan Loss AllowanceThe allowance for loan losses was $477 million (1.57% of loans) at Sept. 30, 2018, compared to $467 million (1.59% of loans) at June 30, 2018 and $420 million (1.47% of loans) at Sept. 30, 2017.

In the Commercial Banking segment, the allowance for loan losses was $450 million (1.87% of loans) at Sept. 30, 2018, compared to $438 million (1.90% of loans) at June 30, 2018 and $392 million (1.73% of loans) at Sept. 30, 2017.

Purchase credit impaired (PCI) loans acquired as part of the OneWest acquisition are carried at a significant discount to the unpaid principal balance. At Sept. 30, 2018, PCI loans with an aggregate unpaid principal balance of $2.6 billion were carried at $1.8 billion, representing a 32% discount. The vast majority of the discount is related to our LCM portfolio in Consumer Banking.

Non-accrual LoansNon-accrual loans were $318 million (1.04% of loans) compared to $292 million (0.99% of loans) in the prior quarter and $265 million (0.93% of loans) in the year-ago quarter.

In Commercial Banking, non-accrual loans were $275 million (1.14% of loans), compared to $252 million (1.10% of loans) at June 30, 2018 and $241 million (1.06% of loans) at Sept. 30, 2017. The increases from the prior and year-ago quarters were primarily driven by an increase in the Commercial Finance division.

In Consumer Banking, non-accrual loans were $35 million (0.55% of loans) at Sept. 30, 2018, compared to $29 million (0.46% of loans) at June 30, 2018, and $19 million (0.33% of loans) at Sept. 30, 2017. At Sept. 30, 2018, $29 million of the non-accrual loans were related to non-PCI loans in LCM. In the prior and year-ago quarters, essentially all non-accrual loans were in the LCM portfolio.

Segment Financial ResultsPre-tax earnings in the Commercial Banking segment in the current, prior and year-ago quarters included a benefit from the suspension of depreciation expense related to NACCO of $9 million, $9 million and $8 million, respectively. Excluding noteworthy items, pre-tax earnings was $135 millioncompared to $134 million in the prior quarter, as increases in net finance revenue and other non-interest income were mostly offset by an increase in the credit provision. Compared to the year-ago quarter, pre-tax earnings excluding noteworthy items decreased from $185 million, primarily driven by a decline in net finance revenue and an increase in the credit provision.

Net Finance Revenue and MarginExcluding the noteworthy items, net finance revenue increased $4 million from the prior quarter. The increase was primarily driven by an increase in interest income from higher interest rates on floating rate earning assets, asset growth and a lease prepayment in the Rail division, partially offset by higher interest expense. Compared to the year-ago quarter, excluding noteworthy items, net finance revenue decreased $24 million, primarily due to higher interest expense and lower purchase accounting accretion, which were partially offset by the net benefit of higher interest rates on earning assets and asset growth. Purchase accounting accretion in the Commercial Banking segment was $8 million in the current quarter and continued to trend down.

Net finance margin was essentially unchanged compared to the prior quarter as net finance revenue and average earning assets increased at a similar pace. Net finance margin decreased compared to the year-ago quarter from the aforementioned decreases in net finance revenue while average earning assets grew by 5%.

Loans and LeasesAverage loans and leases, which comprise the vast majority of average earning assets, was $30.0 billion, up 1% from the prior quarter, driven by growth in Business Capital, Commercial Finance and North America Rail.

New lending and leasing volume in the current quarter was $2.8 billion, representing a 16% increase compared to the prior quarter, primarily driven by strong origination growth in Commercial Finance and Real Estate Finance. Funded volumes in Business Capital remained strong in the quarter. Compared to the year-ago quarter, new lending and leasing volume increased 36%, with strong growth in Commercial Finance and Business Capital.

Factoring volume of $8.0 billion was up 20% from the prior quarter, primarily driven by increased volume in the technology industry and seasonality. Compared to the year-ago quarter, factoring volume was up 11% driven primarily by increased volume in the technology industry.

Commercial Banking Division HighlightsCommercial Finance

• Average loans and leases increased 2% compared to the prior quarter and increased 7% compared to the year-ago quarter from strong funded volume.
• Gross yields increased 12 basis points from the prior quarter, primarily driven by higher interest rates partially offset by lower purchase accounting accretion.

Rail

• Average loans and leases of $7.6 billion included approximately $1.2 billion in assets held for sale related to NACCO that were sold on Oct. 4, 2018.
• North America railcar utilization held steady at 98%.
• Gross yields improved 6 basis points from the prior quarter due to a customer lease prepayment.

Real Estate Finance

• Average loans and leases decreased 1% compared to the prior quarter, although funded volume increased 42% and the prepayment rate slowed. Total loans and leases increased 4% compared to the prior quarter.
• Gross yields increased 2 basis points from the prior quarter, as the benefit from higher interest rates was offset by lower prepayment fees.

Business Capital

• Average loans and leases increased 3% compared to the prior quarter and 10% compared to the year-ago quarter.
• Gross yields were essentially flat compared to the prior quarter.

Segment Financial ResultsPre-tax earnings in the Consumer Banking segment in the current quarter included a $21 millioncharge in other non-interest income related to an impairment charge to the indemnification asset related to amounts deemed uncollectable for the remaining indemnification period under the loss share agreement, which expires in March 2019, for covered loans in our LCM portfolio. Pre-tax earnings in the prior quarter included $29 million in other revenues related to the Financial Freedom transaction, primarily a gain on sale of the reverse mortgage portfolio. Excluding these noteworthy items, pre-tax earnings was $36 million compared to $37 million in the prior quarter, as decreases in interest income and other non-interest income related to the reverse mortgage portfolio that was sold in the prior quarter was mostly offset by a decline in operating expenses and an increase in the benefit in interest expense received from the other segments for the value of the excess deposits Consumer Banking generates. Compared to the year-ago quarter, pre-tax earnings excluding noteworthy items increased by $33 million, primarily from an increase in the benefit in interest expense received from the other segments for the value of the excess deposits Consumer Banking generates, lower operating expenses and an improvement in the credit provision, partially offset by a decline in interest income in the LCM portfolio from both run-off and the sale of the reverse mortgage portfolio.

Net Finance Revenue and MarginNet finance revenue of $121 million decreased slightly from the prior quarter primarily due to lower interest income from run-off of the LCM portfolio and the sale of the reverse mortgage portfolio offset by an increase in the benefit in interest expense received from the other segments for the value of the excess deposits Consumer Banking generates. Net finance revenue increased by $12 million compared to the year-ago quarter, as the benefit in interest expense received from the other segments for the value of the excess deposits generated by Consumer Banking was partially offset by lower interest income from run-off of the LCM portfolio and the sale of the reverse mortgage portfolio.

Average LoansAverage loans, including loans held for sale, decreased compared to the prior and year-ago quarter, as run-off of the LCM portfolio and the sale of the reverse mortgage portfolio were partially offset by new business volume in the Other Consumer Banking division. Average loan growth in Other Consumer Banking was primarily driven by increases in residential mortgage lending in the retail and correspondent origination channels and closed loan purchases. The LCM portfolio made up $3.0 billion of the balance as of Sept. 30, 2018, down from $3.7 billion at June 30, 2018, due to the closing of the sale of the reverse mortgages portfolio during the prior quarter and continued run-off of the LCM portfolio. A significant portion of the LCM portfolio is covered by a loss sharing agreement with the FDIC. The benefit of the loss share agreement is recorded within the indemnification asset.

Certain items are not allocated to operating segments and are included in Corporate & Other, including interest expense related to corporate liquidity, mark-to-market on certain derivatives, BOLI income, restructuring charges, certain legal costs and other operating expenses. In addition, certain costs associated with debt redemptions are maintained at Corporate.

Pre-tax income in Corporate & Other was $3 million, compared to pre-tax losses of $3 million in the prior quarter and $47 million in the year-ago quarter. Pre-tax results in the current, prior and year-ago quarters included debt extinguishment costs of $3 million, $19 million and $54 million, respectively. The year-ago quarter also included a $3 million restructuring charge in operating expenses.

Discontinued Operations: Discontinued operations in the third quarter consisted of our Business Air portfolio. The sale of the Financial Freedom reverse mortgage servicing business was completed in the second quarter of 2018.

Income in the current quarter from Discontinued Operations was $2 million. The prior quarter loss, excluding $19 million of noteworthy items from indemnification reserves and transaction costs related to the Financial Freedom sale, was $7 million. The year-ago quarter loss, excluding a $4 millionnoteworthy item from impairments related to Financial Freedom, was $1 million.

Business Air loans and leases totaled $111 million at Sept. 30, 2018, down from $134 million at June 30, 2018 and $218 million at Sept. 30, 2017.

Although the economic benefit and risk of the Financial Freedom reverse mortgage servicing business has been transferred to the buyer, certain assets and liabilities of the Financial Freedom servicing business will remain in discontinued operations until the required investor consent is received. At Sept. 30, 2018, Financial Freedom loans totaled $212 million and related secured borrowings totaled $213 million.

About CIT Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Sept. 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.