CIT agrees to acquire commercial loan portfolio from Flagstar Bank
CIT Group Inc. cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it has agreed to acquire a commercial loan portfolio from Flagstar Bank, a wholly-owned subsidiary of Flagstar Bancorp, Inc..
Commercial finance company CIT Group Inc. said Tuesday it agreed to sell its Home Lending business to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities.