NEW YORK & PORTSMOUTH, N.H.--(BUSINESS WIRE)--CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, announced today that it has completed its acquisition of Portsmouth, New Hampshire-based Direct Capital Corporation, a provider of financing to small and mid-sized businesses.
“We are very pleased to complete this acquisition as it will further expand our small business and middle market lending and leasing capabilities,” said Nelson J. Chai, President of CIT Group Inc., Chairman and CEO of CIT Bank. “Direct Capital is known for its market-leading customer service and proprietary online lending platform, and we look forward to working together to enhance our competitive position and returns.”
Since its founding in 1993, Direct Capital has provided more than 80,000 small and mid-sized businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and employs 250 individuals. In 2013, it was named to the Inc. 500/5000 and Monitor 100 lists of top growth companies.
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About Direct Capital
Established in 1993, Direct Capital is a financial technology company that delivers financial solutions for small and medium sized businesses, franchisors, and equipment and technology sellers. The company is headquartered in Portsmouth, N.H. and operates offices in New York, California, and Georgia. www.directcapital.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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