CIT Group applies to become bank holding company
CIT Group Inc. said Thursday it has applied to the Federal Reserve to become a bank holding company, a move which would make the commercial finance firm eligible for funding under the government's $700 billion bank rescue program.
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..