CIT - FinTecBuzz

CIT Serves as Lead Arranger on Senior Secured Credit

August 17, 20204 min

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business, working in conjunction with its Sponsor Finance group, served as lead arranger on senior secured credit facility for von Drehle Corporation, a leading maker of high quality paper towel, tissue and dispensing products. von Drehle, headquartered in Hickory, North Carolina, used the proceeds to refinance debt and for general corporate purposes. “The global pandemic has increased public understanding about the importance of cleaning and sanitation, and von Drehle has the...

by PRNewswire

Banking

CIT Completes Acquisition of Mutual of Omaha Bank

January 3, 20204 min

CIT Group Inc. (NYSE: CIT) today announced that its banking subsidiary, CIT Bank, N.A., completed the acquisition of Mutual of Omaha Bank on Jan. 1, 2020. This transaction advances CIT’s strategic plan through the addition of a stable, lower-cost homeowner association deposit channel from the market-leading community association banking business. The acquisition will also build on CIT’s commercial banking strengths through the addition of relationship banking teams and expanded product and technology solutions. “The completion of this transaction...