De Wikipedia, la enciclopedia libre
  (Redirigido desde CIT Bank )
Saltar a navegación Saltar a búsqueda
No confundir con Citigroup o CITIC Group .

CIT Group Inc.
Cit-logo.svg
Logotipo de la empresa desde 2018
TipoCompañía pública
Negociado comoNYSE :  Componente del índice CIT
S&P 400
IndustriaServicios financieros bancarios
Fundado1908 ; Hace 113 años en St. Louis, Missouri (1908)
FundadorHenry Ittleson
Sede11 West 42nd Street ,
Nueva York, Nueva York , EE. UU.
Área de servicioAmérica del norte
Gente claveEllen Alemany
(Presidenta y CEO )
John Fawcett
( CFO )
Robert Rubino
(Presidente de CIT Bank)
ProductosBanca comercial Banca
minorista
Préstamos basados ​​en activos
Hipotecas comerciales
Factoring
IngresosIncrease US $ 2.290 millones (2019)
Lngresos netosIncrease US $ 529 millones (2019)
Los activos totalesIncrease US $ 50.832 mil millones (2019)
Equidad totalIncrease US $ 5.814 mil millones (2019)
Número de empleados3.609 (2019)
DivisionesBanca de consumo
Finanzas comerciales Finanzas
inmobiliarias Capital empresarial
ferroviario
SubsidiariasOneWest Bank
Razón de capital12,0% Capital ordinario de nivel 1 (2018) [1]
ClasificaciónFitch : BB + (2018)
S&P : BB + (2018)
Sitio webcit .com
Notas al pie / referencias
[1]

CIT Group Inc. ( CIT ) es un holding financiero estadounidense y un holding bancario constituido en Delaware y con sede en la ciudad de Nueva York . CIT Bank, la subsidiaria bancaria de CIT, tiene su sede en Pasadena, California . El nombre de la empresa es una sigla de una razón social temprano, C ommercial I NVERSIONES T óxido.

CIT brinda servicios de financiamiento, arrendamiento y asesoría principalmente a empresas del mercado intermedio y pequeñas empresas en una amplia variedad de industrias, principalmente en América del Norte. CIT también brinda servicios bancarios y servicios relacionados a clientes comerciales e individuales a través de su subsidiaria bancaria, CIT Bank, que incluye más de 60 sucursales ubicadas en el sur de California y un banco directo .

A partir de 2020, la compañía ocupa el puesto 732 en la lista Fortune 1000 de las compañías estadounidenses más grandes [2] y está en la lista de los bancos más grandes de los Estados Unidos . [3]

CIT se declaró en bancarrota el 1 de noviembre de 2009 y con el consentimiento de sus tenedores de bonos, salió de la quiebra de 38 días después, el 10 de diciembre de 2009. [4] [5] En agosto de 2015, CIT Group adquirió OneWest Bank , una regional banco con sede en el sur de California. [6]

El 16 de octubre de 2020, First Citizens BancShares anunció la adquisición pendiente de CIT Group. [7] [8] [9] [10]

Operaciones actuales [ editar ]

CIT administra su negocio e informa sus resultados financieros en tres segmentos operativos: banca comercial, banca de consumo y carteras no estratégicas. [1]

Banca comercial [ editar ]

La banca comercial de CIT ofrece una gama de productos de préstamo, arrendamiento y depósito, así como productos y servicios auxiliares, que incluyen factoraje , gestión de efectivo y servicios de asesoría, principalmente a pequeñas y medianas empresas, así como a la industria ferroviaria. El segmento consta de cuatro divisiones: [1]

Finanzas comerciales [ editar ]

Proporciona préstamos comerciales y productos de depósito, así como servicios de asesoría y administración de efectivo, principalmente a pequeñas y medianas empresas. La división ofrece productos de financiación, gestión de tesorería y mercados de capitales en una amplia gama de industrias, que incluyen aeroespacial y defensa, aviación, comunicaciones, energía, entretenimiento, juegos, salud, industria, marítima, restaurantes, comercio minorista, servicios y tecnología.

Finanzas inmobiliarias [ editar ]

Origina y suscribe transacciones de bienes raíces comerciales garantizadas senior para propiedades individuales, carteras de propiedades y carteras de préstamos. La división se enfoca en propiedades con un flujo de caja estable, proporciona financiamiento para reposicionar propiedades existentes y origina préstamos para construcción a desarrolladores altamente experimentados y bien capitalizados.

Carril [ editar ]

Dos locomotoras de conmutación CEFX

Alquila locomotoras y vagones de carga a varios ferrocarriles y transportistas en América del Norte que los necesitan. Opera con la marca de reporte CEFX.

Capital empresarial [ editar ]

Proporciona arrendamiento y financiamiento de equipos a pequeñas empresas y empresas del mercado intermedio, tanto de forma indirecta como directa. Además, la división proporciona factoraje , gestión de cuentas por cobrar y financiación asegurada a empresas de varias industrias.

  • Indirecto : ayuda a los fabricantes y distribuidores a aumentar las ventas, la rentabilidad y la lealtad del cliente al proporcionar soluciones financieras personalizadas y de valor agregado [ palabra de moda ] .
  • Directo : brinda soluciones de financiamiento [ palabra de moda ] a sus prestatarios y arrendatarios.

Banca de consumo [ editar ]

Logotipo de CIT Bank

La banca de consumo de CIT consta de tres divisiones: [1]

Banca minorista [ editar ]

La banca minorista es el principal negocio de recolección de depósitos de CIT Bank y opera a través de una red de sucursales minoristas en el sur de California, a través de su división OneWest Bank y un canal directo en línea.

Préstamos al consumidor [ editar ]

Ofrece préstamos hipotecarios residenciales conformes y jumbo , principalmente en el sur de California.

Préstamos de la SBA [ editar ]

Origina préstamos calificados de la Administración de Pequeños Negocios .

Carteras no estratégicas ("NSP") [ editar ]

El segmento NSP de CIT incluye negocios y carteras que la empresa ya no considera estratégicos. [1]

Historia [ editar ]

Fundación e historia temprana [ editar ]

El 11 de febrero de 1908, Henry Ittleson fundó la Compañía de Inversión y Crédito Comercial en St. Louis, Missouri . [11]

En 1915, la empresa trasladó su sede a la ciudad de Nueva York y se renombró a sí misma como Fideicomiso de Inversión Comercial y pasó a las iniciales de CIT. En ese momento, la empresa proporcionaba financiación para proveedores mayoristas y productores de bienes de consumo. La compañía agregó financiamiento de automóviles a su línea de productos en 1916, a través de un acuerdo con Studebaker , el primero de su tipo en la industria automotriz. Durante la Primera Guerra Mundial , CIT financió la fabricación de 150 cazadores de submarinos . También agregó financiamiento al consumidor de radios a través de un acuerdo con Thomas Edison, Inc. Durante los locos años 20Después de la guerra, el gasto de los consumidores aumentó drásticamente y el CIT prosperó en sus grupos de financiamiento de automóviles, muebles y electrodomésticos. En 1924, CIT se incorporó a Delaware y cotizó sus acciones en la Bolsa de Valores de Nueva York . CIT entró en el campo del factoraje en 1928 y expandió sus operaciones a Europa en 1929. [12]

With international tensions rising prior to World War II, CIT closed its German operations in 1934. Arthur O. Dietz succeeded Ittleson as president of the company in 1939. During the war, CIT offered its 2000 employees a month's bonus, life insurance, and a guaranteed job on return if they served in the United States Armed Forces. Between 1947 and 1950, the company's net income rose from $7.3 million to $30.8 million. Ittleson died at age 77 on October 27, 1948.[12]

1950s - 1990s[edit]

The company moved into a new building at 650 Madison Avenue in Manhattan in 1957. In 1960, Walter Lundell succeeded Dietz as president of the company. Five years later, in 1959, the company passed $100 billion ($877 billion in recent terms) in financing volume since its founding. The Vietnam War racial turmoil of the 1960s resulted in CIT making changes to its business. In 1969, CIT entered the personal and home equity loan and leasing business and left auto financing. In 1979, restrictive banking rules forced CIT to sell its bank, National Bank of North America. CIT was acquired by RCA Corporation in 1980. RCA promptly sold CIT's four manufacturing businesses: Picker X-Ray, Inc., Gibson Greeting Cards, Inc., All-Steel, Inc. (office furniture), and Raco, Inc. (wall boxes for electric switches and outlets.) The Madison Avenue building was sold in 1982 as the company moved to a newly constructed headquarters facility in Livingston, New Jersey in 1983.[12]

In 1984, CIT was sold to Manufacturers Hanover Trust.[12] In 1989, Manufacturers Hanover Trust sold 60% of CIT to Dai-Ichi Kangyo Bank of Japan.[12]

In 1991, the company acquired Fidelcor Business Credit Corporation, which increased its services to small businesses. In 1992, CIT opened 15 new offices in 7 states.[12]

In 1997, the company became a public company via an initial public offering that raised $850 million.[12][13]

On November 15, 1999, CIT acquired Toronto-based Newcourt Credit Group in a $4.2 billion transaction, which created one of the largest publicly owned leasing companies.[14][15]

Early 2000s[edit]

In 2000, CIT announced record earnings of $611.6 million, an increase of 57.1% from the prior year, which was largely attributed to the acquisition of Newcourt the year before.[16]

Salmon Tower Building: CIT Group's Headquarters in New York City

In 2001, Tyco acquired CIT for $9.2 billion in stock.[17][18][19] CIT was renamed as Tyco Capital.[20]

Tyco ran into operating troubles and sold or spun off non-core operations, including CIT. On July 8, 2002, Tyco completed its divestment of its Tyco Capital business through an initial public offering, via the sale of 100% of the common shares in CIT Group Inc.[21][22]

In 2006, CIT moved its global headquarters back to New York City, opening a new headquarters at 11 West 42nd Street, across from the New York Public Library.[23] CIT retained its Livingston campus as its corporate headquarters.

Under the leadership of CEO Jeff Peek, assets at CIT rose 77% from 2004 to the end of 2007 as it acquired companies in education lending and subprime mortgages. Those acquisitions turned out to be disastrous for the company and in the following eight quarters, CIT reported more than $3 billion in losses.[24]

Great Recession[edit]

On July 1, 2008, CIT Group announced that it would sell its home lending division to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion in debt and announced that it would sell its manufactured housing loan portfolio, with a face value of $470 million in loans, to Vanderbilt Mortgage and Finance for approximately $300 million.[25][26][27]

In 2008, CIT became a bank holding company in order to receive $2.3 billion in Troubled Asset Relief Program (TARP) funds.

On July 15, 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected.[28] At 6:03 PM, the company issued a press release stating that talks of a government bailout were unlikely and that the company had been advised that there was "no appreciable likelihood of additional government support being provided over the near term"[29] and that it was very close to declaring bankruptcy.[30][31][32]

On July 19, 2009, the company received a bailout via a $3 billion deal via an agreement with the bondholders group, which included Pacific Investment Management Company (PIMCO) and other large bond holders.[33] CIT said it planned a comprehensive restructuring of its liabilities.[34]

Effective July 24, 2009, CIT was removed from the S&P 500 Index.[35]

Bankruptcy and Reorganization[edit]

On Sunday, November 1, 2009, CIT Group filed for bankruptcy protection under Chapter 11.[36][37][38]

On December 10, 2009, CIT satisfied all of the conditions required to consummate the prepackaged Plan of Reorganization, which included the cancellation of existing debt and shares and the issuance of new debt and publicly traded shares.[39]

As part of the reorganization plan, CIT named seven new independent directors. On January 19, 2010, Peter J. Tobin, a member of the board of directors, was named interim Chief Executive Officer, replacing Jeff Peek, who resigned effective January 15, 2010.[40] On February 8, 2010, former Merrill Lynch CEO John Thain was hired as chairman and Chief Executive Officer.[41]

OneWest Bank acquisition[edit]

OneWest Bank Headquarters in Pasadena, California

On July 22, 2014, CIT Group announced an agreement to acquire OneWest Bank for $3.4 billion in cash and stock.[42] OneWest Bank was established on March 19, 2009 by IMB Holdco, a holding company owned by a consortium of private equity investors led by Steven Mnuchin.[43]

The California Reinvestment Coalition was concerned about the possibility of the FDIC's loss-sharing agreement with OneWest being transferred to CIT Group and the growth of a bank that is considered too big to fail and so it filed a Freedom of Information Act request in October 2014 seeking information about the amount of money paid out to OneWest's investors under the loss-share agreement and what conversations FDIC staff have had with the leadership of OneWest Bank and CIT Group.[44] On July 21, 2015, the Office of the Comptroller of the Currency and the Federal Reserve approved CIT Group's acquisition of OneWest Bank.[45] The acquisition closed on August 3, 2015.[6]

2016 to present[edit]

In March 2016, CEO John Thain stepped down and was succeeded by Ellen Alemany, a member of the board of directors.[46] Alemany previously led the Royal Bank of Scotland Group’s businesses in the Americas and also held various titles at Citigroup.[47]

Upon taking the roles of CEO in April 2016 and chairwoman in May 2016, Alemany began simplifying the company by having lending and deposit-gathering be its focus and divesting from its riskier, non-core businesses.[48]

In April 2017, the company sold its aircraft lease business to Avolon for $10.38 billion.[49]

In October 2017, the company sold Financial Freedom, acquired as part of the acquisition of OneWest Bank, and its reverse mortgage portfolio.[50]

In October 2018, the company sold its European rail leasing business, NACCO, which was its last overseas operation.[51]

In January 2020, CIT completed the acquisition of Mutual of Omaha Bank.[52][53]

In October, CIT agreed to be acquired by First Citizens BancShares.[8]

CEO-to-worker pay ratio[edit]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO’s annual total compensation to that of the median employee.[54]

Total 2018 compensation for Ellen Alemany, CEO, amounted to $8,961,198, and total compensation of the median employee was determined to be $93,605. The resulting pay ratio is estimated to be 96:1.[55]

Sponsorship[edit]

In January 2019, CIT announced it had joined the No. 10 Konica Minolta Cadillac DPi-V.R team as the exclusive banking sponsor. The announcement occurred at the “Roar Before the 24” event, a three-day event before the season-opening Rolex 24 at the Daytona International Speedway.[56]

References[edit]

  1. ^ a b c d e f "CIT Group Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "CIT Group". Fortune.
  3. ^ "Federal Reserve: Statistical Release Large Commercial Banks". Federal Reserve. February 21, 2019.
  4. ^ "CIT Group Chapter 11 Petition" (PDF). PacerMonitor. November 1, 2009.
  5. ^ "CIT Leaves Bankruptcy, With Questions". The New York Times. December 10, 2009.
  6. ^ a b "CIT Completes Acquisition of OneWest Bank" (Press release). Business Wire. August 3, 2015.
  7. ^ "First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank" (Press release). Globe Newswire. October 16, 2020.
  8. ^ a b Kline, Alan (October 16, 2020). "First Citizens to buy CIT for $2.2 billion". American Banker.
  9. ^ McCaffrey, Orla (October 16, 2020). "First Citizens to Buy CIT Group". The Wall Street Journal.
  10. ^ Ponciano, Jonathan (October 16, 2020). "A New Big Bank Is Born: First Citizens Buys CIT Group To Create A $100 Billion Institution". Forbes.
  11. ^ ARENSON, KAREN W. (July 27, 1979). "C.I.T. Likes to Take Its Time". The New York Times.
  12. ^ a b c d e f g "CHRONOLOGY: A century of CIT, from St Louis to New York". Reuters. November 1, 2009.
  13. ^ REEVES, SCOTT (December 15, 1997). "Best and Worst". Barron's.
  14. ^ Greenberg, Larry M.; Zuckerman, Gregory (March 9, 1999). "CIT to Acquire Newcourt Credit In Stock Deal for $4.12 Billion". The Wall Street Journal.
  15. ^ "Credit gambit: CIT Group Inc. agreed to acquire Newcourt". Chicago Tribune. March 8, 1999.
  16. ^ "CIT Group Inc. 2000 Annual Report" (PDF).
  17. ^ "Tyco buying CIT for $9.2B". CNN. March 13, 2001.
  18. ^ Deogun, Nikhil; Lipin, Steven; Maremont, Mark (March 13, 2001). "Tyco International to Acquire CIT Group for $9.2 Billion". The Wall Street Journal.
  19. ^ Chin, Spencer (March 13, 2001). "Tyco set to acquire finance company CIT". EE Times.
  20. ^ "Tyco calls its plans to split up "a mistake'". Tampa Bay Times. September 3, 2005.
  21. ^ "Tyco raises $4.6-billion in CIT spinoff". The Globe and Mail. Bloomberg News. July 2, 2002.
  22. ^ Maremont, Mark (July 24, 2002). "Tyco Posts $2.32 Billion Loss, Cites Downturn, CIT Spinoff". The Wall Street Journal.
  23. ^ "CIT Opens New Global Headquarters in New York City" (Press release). PR Newswire. April 27, 2006.
  24. ^ Creswell, Julie (May 4, 2008). "A Lender Gets Caught in the Currents". The New York Times.
  25. ^ "CIT Sells Home Loan Business to Lone Star". The New York Times. July 1, 2008.
  26. ^ Comlay, Elinor (July 1, 2008). "CIT to shed $10 billion mortgage assets". Reuters.
  27. ^ "CIT Agrees to Sell Home Lending Business" (Press release). Business Wire. July 1, 2008.
  28. ^ de la Merced, Michael J. (July 15, 2009). "CIT Says It Won't Get More US Aid". The New York Times.
  29. ^ "CIT Announces That Discussions with Government Agencies Have Ceased" (Press release). Business Wire. July 15, 2009.
  30. ^ Barr, Colin (July 15, 2009). "CIT: No bailout for us". Fortune.
  31. ^ Appelbaum, Binyamin (July 16, 2009). "CIT Group Closer to Bankruptcy as U.S. Denies Aid". The Washington Post.
  32. ^ Jones, Sandra M. (July 15, 2009). "CIT Group's troubles could weigh heavily on retailers this holiday season". Los Angeles Times.
  33. ^ Bansal, Paritosh (July 19, 2009). "CIT clinches deal to stave off bankruptcy". Reuters.
  34. ^ "CIT gets $3 bln lifeline from bondholders". Reuters. July 20, 2009.
  35. ^ Stempel, Jonathan (July 20, 2009). "S&P 500 to drop CIT Group, add Red Hat". Reuters.
  36. ^ "CIT files for 5th largest U.S. bankruptcy". CNN. November 1, 2009.
  37. ^ de la Merced, Michael J. (November 1, 2009). "CIT to Test Speed of Bankruptcy Court". The New York Times.
  38. ^ "Commercial lending giant CIT files bankruptcy". NBC News. Associated Press. November 1, 2009.
  39. ^ "CIT Shares Commence Trading on New York Stock Exchange" (Press release). Business Wire. December 10, 2009.
  40. ^ "CIT Names Director Peter J. Tobin Interim Chief Executive Officer" (Press release). Business Wire. January 19, 2010.
  41. ^ "Former Merrill chief tapped to head CIT". CNN. February 8, 2010.
  42. ^ "CCIT to Acquire OneWest Bank for $3.4 Billion in Cash and Stock" (Press release). Business Wire. July 22, 2014.
  43. ^ Chernikoff, Helen (March 19, 2009). "OneWest completes acquisition of Indymac Assets". Reuters.
  44. ^ "California Reinvestment Coalition Urges Greater Transparency by Regulators in Merger Creating Too Big to Fail Bank" (Press release). Cision. October 3, 2014.
  45. ^ Ensign, Rachel Louise (July 21, 2015). "CIT Group Wins Key Federal Approval for Acquisition of OneWest Bank's Parent". The Wall Street Journal.
  46. ^ Ensign, Rachel Louise; Rudegeair, Peter (October 21, 2015). "John Thain to Retire as CIT CEO". The Wall Street Journal.
  47. ^ "John Thain of CIT Group Will Step Down as Chief Executive". The New York Times. October 22, 2015.
  48. ^ Broughton, Kristin (September 26, 2017). "How Ellen Alemany is reinventing CIT". American Banker.
  49. ^ "Avolon Completes US$10.38 Billion Acquisition of CIT Group Aircraft Leasing Business" (Press release). Business Wire. April 4, 2017.
  50. ^ "CIT Reaches Agreement to Sell Financial Freedom and Reverse Mortgage Portfolio" (Press release). PR Newswire. October 6, 2017.
  51. ^ "CIT Completes Sale of its European Rail Business". PR Newswire. October 5, 2018.
  52. ^ "CIT buys Mutual of Omaha Bank for $1 billion". HousingWire. January 2, 2020.
  53. ^ "CIT Completes Acquisition of Mutual of Omaha Bank" (Press release). PR Newswire. January 2, 2020.
  54. ^ "H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act". Congress.gov. Retrieved April 28, 2019.
  55. ^ "CIT Group 2019 Proxy Statement". U.S. Securities and Exchange Commission. April 4, 2019.
  56. ^ "No. 10 Konica Minolta Cadillac DPi-V.R Team Welcomes CIT as Exclusive Banking Sponsor". CIT Group. January 4, 2019.

External links[edit]

  • Business data for CIT Group Inc.:
    • Google Finance
    • Yahoo! Finance
    • Bloomberg
    • Reuters
    • SEC filings