CIT meaning in Business ?

Answer:

What is Commercial Investment Trust mean?

CIT Group Inc. (CIT) is an American financial holding company and bank holding company incorporated in Delaware and headquartered in New York City. CIT Bank, CIT's banking subsidiary, is headquartered in Pasadena, California. The company's name is an initialism of an early corporate name, Commercial Investment Trust.

CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses in a wide variety of industries, primarily in North America. CIT also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, which includes over 60 branches located in Southern California and a direct bank.

As of 2020, the company is ranked 732th on the Fortune 1000 list of the largest American companies and is on the list of largest banks in the United States.

CIT filed for bankruptcy protection on November 1, 2009, and with the consent of its bondholders, emerged from bankruptcy 38 days later, on December 10, 2009. In August 2015, CIT Group acquired OneWest Bank, a regional bank based in Southern California.

On October 16, 2020, First Citizens BancShares announced the pending acquisition of CIT Group.

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