CIT Group (CIT), a subsidiary of First Citizens BancShares, is an American financial services company. It provides financing, including factoring, cash management, treasury management, mortgage loans, Small Business Administration loans, leasing, and advisory services principally to individuals, middle-market companies and small businesses, primarily in North America. Under the reporting mark CEFX and CITX, it leases locomotives and railroad cars to rail transport and shipping companies in North America. It also operates a direct bank. In January 2022, CIT was acquired by First Citizens BancShares.
History
Founding and early history
On February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri to finance accounts receivable at small companies.[1]