Welcome to our dedicated page for CIT news (Ticker: CIT), a resource for investors and traders seeking the latest updates and insights on CIT stock.
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CIT Group Inc. (NYSE: CIT) will release its second quarter 2021 financial results on July 27, 2021, at 8:00 a.m. ET. The announcement will be made via PR Newswire and on the CIT News website. Following the release, an investor presentation and financial supplement will be available in the Presentations & Events section of CIT's Investor Relations website. The company advises that the information in its earnings release is only valid as of the release date, with no obligation to update thereafter.
CIT Group Inc. (NYSE: CIT) has declared a quarterly cash dividend of $0.35 per common share, payable on August 13, 2021, to shareholders on record as of July 30, 2021. Additionally, a dividend of $0.3515625 per share for Series B preferred stock has been announced, payable on September 15, 2021, to record shareholders by August 31, 2021. This highlights CIT's commitment to returning value to its shareholders amidst its focus on empowering businesses and savers.
First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced that their proposed merger has secured regulatory approval from the FDIC, marking a significant step toward completion. Approval from the North Carolina Commissioner of Banks has also been obtained. The merger, expected to close in Q3 2021, aims to create a top 20 U.S. bank by assets, leveraging First Citizens' retail banking strengths and CIT's commercial lending capabilities. However, final approval from the Board of Governors of the Federal Reserve is still pending.
CIT Group Inc. (NYSE: CIT) announced it served as the lead arranger for a $68.4 million financing to acquire the Crane Solar farm, a 150-megawatt solar project in Crane County, Texas, along with a 25-megawatt battery development. This acquisition was made by Starwood Energy Group from Consolidated Edison Development. The electricity generated will be sold under a purchase power agreement with Vistra Corporation, which has approximately 11 years remaining. CIT also provides cash management and capital markets services as part of this financing arrangement.
CIT Group Inc. (NYSE: CIT) has announced a $42 million financing deal through its Maritime Finance division for Dynamic Bulk Holdings, a dry bulk shipping operator. This loan will be utilized to refinance existing debt on a fleet of seven Handymax vessels. As demand for commodities transport rises with global economic recovery post-COVID-19, CIT's support demonstrates its commitment to the maritime sector. CIT's Maritime Finance division specializes in customized secured loan solutions for global vessel owners and operators.
CIT Group Inc. (NYSE: CIT) announced a $30 million credit facility provided by CIT Northbridge Credit to an online luxury accessories retailer. This asset-based financing includes a senior secured revolving credit facility, with funds allocated for refinancing existing debt and general corporate needs. CIT Northbridge aims to support middle-market companies with flexible debt solutions ranging from $15 million to $150 million. The transaction highlights CIT's expertise in client financing solutions.
CIT Group Inc. (NYSE: CIT) announced financing of $42.8 million for the acquisition of the Lola Apartments, a 264-unit multifamily complex in Tampa, Florida. Completed in 2018, the complex features modern amenities including a fitness facility, clubhouse, and resort-style pool. The buyer, Asia Capital Real Estate (ACRE), is noted for strong demand in the Greater Tampa rental market. CIT's Real Estate Finance division facilitated this acquisition, showcasing its expertise in originating senior secured real estate transactions.
CIT Group Inc. (NYSE: CIT) announced a $33.2 million loan as the sole lead arranger to finance the acquisition of a class A medical office building in Brooklyn, New York. The property, located at 902 Quentin Road, features eight stories and is fully leased to investment-grade tenants like NYU Langone Health. Seavest Healthcare Properties acquired the building, which hosts a cancer center and various medical services. CIT's Healthcare Finance unit continues to support growth in the healthcare sector through tailored financing solutions.
CIT Group Inc. has agreed to sell its aviation loan portfolio, valued at nearly $800 million, to KKR. The portfolio comprises over 50 loans for approximately 60 commercial aircraft, featuring an average yield in the mid-single digits and an average remaining term of about four years. The transaction will facilitate CIT's exit from its aircraft lending business and allow it to refocus on core sectors. AV AirFinance will service the loans, leveraging its aviation expertise. Completion of the transfer is anticipated by the end of Q2 2021.
CIT Group Inc. (NYSE: CIT) announced the arrangement of a $17.4 million credit facility for Hynes Industries, a manufacturer of custom metal products, through CIT Northbridge Credit. Based in Youngstown, Ohio, Hynes Industries will utilize the funds to support ongoing operations and growth initiatives, responding to increased demand as the U.S. economy recovers from the pandemic. CIT Northbridge Credit specializes in flexible asset-based debt solutions for middle-market companies, providing loans ranging from $15 million to $150 million.
