# CIT Group

> American banking and financial services company

**Wikidata**: [Q1023765](https://www.wikidata.org/wiki/Q1023765)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/CIT_Group)  
**Source**: https://4ort.xyz/entity/cit-group

## Summary

CIT Group is an American banking and financial services company that was founded in 1908 as Commercial Investment Trust Corporation and became a public company offering securities for sale to the general public. Headquartered at 11 West 42 Street in New York City, the company operated as a commercial bank and financial services provider until its acquisition by First Citizens BancShares in 2022, after which it ceased to be a publicly traded company.

## Key Facts

- **Legal name**: CIT Group Inc.
- **Founded**: 1908 (as Commercial Investment Trust Corporation), 2001 (as Tyco Capital)
- **Headquarters**: New York City, United States (11 West 42 Street, ZIP 10036)
- **Industry**: Financial services, commercial banking
- **Legal form**: Delaware corporation
- **Owned by**: First Citizens BancShares (since 2022)
- **Parent organization**: First Citizens BancShares (since 2022)
- **Employees**: 3,360
- **Stock exchange**: New York Stock Exchange (traded publicly until 2022)
- **Subsidiaries**: OneWest Bank (acquired 2014)
- **Replaced**: Commercial Investment Trust
- **Successor**: First Citizens BancShares (2022)
- **ISIN**: US1255818015
- **Legal Entity Identifier**: N8O96ZZJQRFYQUJY7K79
- **SWIFT/BIC Code**: CITXUS33XXX
- **Central Index Key (SEC)**: 0001171825
- **ISNI**: 0000000446508395
- **VIAF ID**: 150531326
- **PermID**: 4295903653
- **Crunchbase ID**: cit-group
- **Wikipedia editions**: azb, ca, de, en, fa, fr, ja, ko, zh

## FAQs

**What is CIT Group and what does it do?**

CIT Group is an American banking and financial services company that operated as a commercial bank, providing financial solutions to businesses and individuals. The company was known for offering securities to the general public through the New York Stock Exchange until its acquisition in 2022.

**When was CIT Group founded and how has it evolved?**

CIT Group was originally founded in 1908 as Commercial Investment Trust Corporation. In 2001, the company was rebranded as Tyco Capital before becoming CIT Group. Over its history, it operated under several names including Commercial Credit and Investment Company and CIT Aerospace.

**Who acquired CIT Group?**

CIT Group was acquired by First Citizens BancShares in 2022. Following this acquisition, CIT Group ceased to be a publicly traded company and became a subsidiary of First Citizens BancShares.

**Where is CIT Group headquartered?**

CIT Group was headquartered at 11 West 42 Street, New York City, United States, with the ZIP code 10036. The company operated as a Delaware corporation.

**What subsidiaries did CIT Group own?**

CIT Group owned OneWest Bank, which was acquired in 2014. The company operated as a commercial bank and financial services provider throughout its operational history.

**What are the alternative names for CIT Group?**

CIT Group has been known by several aliases throughout its history, including Commercial Investment Trust, Commercial Credit and Investment Company, Tyco Capital, Tyco Capital Corporation, CIT Group Incorporated, and CIT Aerospace.

## Why It Matters

CIT Group played a significant role in the American financial services industry for over a century. Founded in 1908, the company provided critical banking and financial services to businesses and consumers, contributing to the broader ecosystem of capital formation and commercial lending in the United States. Its status as a public company allowed it to raise capital from public markets, enabling it to scale operations and expand its reach across various sectors of the economy.

The company's evolution from Commercial Investment Trust Corporation through multiple rebrandings to becoming CIT Group reflects the dynamic nature of the American financial services sector. Its acquisition by First Citizens BancShares in 2022 represented a significant consolidation in the banking industry, demonstrating the ongoing trend of merger and acquisition activity among regional and commercial banks.

CIT Group's operations as a commercial bank provided essential financial infrastructure, supporting business growth, commercial transactions, and economic development. The company's public listing on the New York Stock Exchange made it a visible participant in the public markets, subject to regulatory disclosure and reporting standards that promoted transparency for investors.

## Notable For

- Operating as a public company for decades, offering securities to the general public on the New York Stock Exchange
- Providing commercial banking and financial services to businesses and individuals
- Surviving and adapting through multiple economic cycles and industry transformations over more than 110 years of operation
- Being acquired by First Citizens BancShares in 2022, one of the significant banking sector consolidations of the early 2020s
- Maintaining a diverse international presence, with Wikipedia articles in 10 language editions
- Operating under multiple historical names including Commercial Investment Trust, Tyco Capital, and CIT Aerospace

## Body

### History and Evolution

CIT Group traces its origins to 1908 when it was established as Commercial Investment Trust Corporation. The company operated under this name for much of its early history before evolving through various corporate transformations. In 2001, the entity underwent a significant rebranding to become Tyco Capital, reflecting broader corporate restructuring during that period. The company eventually adopted the name CIT Group Incorporated, which it used until its acquisition in 2022.

The historical progression of CIT Group demonstrates the adaptive nature of American financial institutions. From its origins as a commercial investment trust to its later incarnation as a full-service commercial bank, the company navigated changing regulatory environments, economic conditions, and competitive landscapes throughout the 20th and early 21st centuries.

### Corporate Structure and Ownership

CIT Group operated as a Delaware corporation, a common legal structure for major American financial institutions due to Delaware's favorable corporate law framework. The company was publicly traded on the New York Stock Exchange, offering its securities to the general public and maintaining the characteristics of a public company as defined by its class classification.

In 2022, CIT Group was acquired by First Citizens BancShares, a major banking consolidation that ended the company's status as an independent publicly traded entity. Following the acquisition, First Citizens BancShares became the parent organization and owner of CIT Group, integrating its operations into the larger banking platform.

### Operations and Services

As a commercial bank and financial services company, CIT Group provided a range of banking products and services to its customers. The company's primary focus was on commercial banking operations, serving business clients and potentially extending services to individual consumers. This positioning in the financial services sector placed CIT Group among the institutions that facilitate capital flow, business lending, and financial infrastructure support for the American economy.

The company's subsidiary, OneWest Bank, was acquired in 2014, expanding CIT Group's footprint in the banking sector. This acquisition demonstrated the company's strategy of growth through strategic acquisitions to strengthen its market position and service capabilities.

### Identification and Regulatory Information

CIT Group maintained extensive regulatory identification codes necessary for its operations in global financial markets. The company possessed an ISIN (International Securities Identification Number) of US1255818015, which uniquely identifies securities in international markets. Its SWIFT/BIC code, CITXUS33XXX, facilitated international wire transfers and interbank financial communications.

The company's Legal Entity Identifier (LEI) of N8O96ZZJQRFYQUJY7K79 provides a standardized reference for legal entities engaged in financial transactions. CIT Group's Central Index Key (CIK) of 0001171825 was used for SEC filings, reflecting its status as a publicly traded company subject to American securities regulations.

Additional identification numbers include the company's ISNI (International Standard Name Identifier) of 0000000446508395, its VIAF (Virtual International Authority File) ID of 150531326, and its PermID (Refinitiv Permanent Identifier) of 4295903653. These identifiers facilitate the company's representation in various databases, research platforms, and financial information systems.

### Headquarters and Workforce

CIT Group was headquartered at 11 West 42 Street, New York City, New York, 10036. This location in Midtown Manhattan placed the company at the center of American finance, alongside major financial institutions and corporate headquarters. The company employed approximately 3,360 people, representing a significant workforce in the financial services sector.

### International Presence

The company maintained an international presence reflected in its Wikipedia coverage across ten language editions: Azerbaijani (azb), Catalan (ca), German (de), English (en), Persian (fa), French (fr), Japanese (ja), Korean (ko), and Chinese (zh). This multilingual presence indicates international interest in the company and its activities within global financial markets.

### Leadership

John Alexander Thain served as a director and manager of CIT Group. Thain is a notable figure in American banking and finance, having held senior leadership positions at major financial institutions including Merrill Lynch and Goldman Sachs. His tenure at CIT Group represented a period of significant management expertise applied to the company's operations and strategic direction.

### Financial Market Participation

As a public company, CIT Group participated in capital markets by offering its securities to the general public. This public offering model allowed the company to raise capital from a broad investor base, supporting its ability to fund operations, pursue growth opportunities, and maintain liquidity. The company's shares were traded on the New York Stock Exchange, one of the world's largest and most prestigious stock exchanges, until its delisting following the 2022 acquisition.

## References

1. Open ISNI for Organizations
2. Freebase Data Dumps. 2013
3. Global LEI Index
4. [Source](http://km.aifb.kit.edu/services/crunchbase/)
5. [2020](https://www.gleif.org/content/4-lei-data/8-lei-mapping/1-download-bic-to-lei-relationship-files/bic_lei_gleif_v1_monthly_full_20200327.csv)
6. Aligned ISNI and Ringgold identifiers for institutions