Credit Services & Lending M&A » By The Online Investor Staff, updated Mon., Jul. 4, 11:04 AM
Recent mergers and acquisitions in the Credit Services & Lending M&A category.
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Slide #78. CIT Group Inc. — Commercial Loan Portfolio from Flagstar Bank
Acquirer:
CIT Group Inc. (CIT)
Acquiree:
Commercial Loan Portfolio from Flagstar Bank (FBC)
Details:
CIT Group Inc., 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 (FSB), a wholly-owned subsidiary of Flagstar Bancorp, Inc. (NYSE:FBC). Under the terms of the agreement, CIT Bank, the U.S. commercial bank subsidiary of CIT, will acquire approximately $1.3 billion in commercial loan commitments, of which approximately $800 million is currently outstanding. The assets represent a substantial portion of FSB's Northeast-based commercial loan portfolio, which consists primarily of asset-based, commercial real estate, and equipment finance loans and leases. The purchase is expected to be substantially completed during the first quarter of 2013.
CIT Group is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides financing, leasing and advisory services principally to middle-market companies in a range of industries, primarily in North America. Co. also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, N.A. Co. manages its business in two operating segments: Commercial Banking, which provides a range of lending, leasing and deposit products, as well as ancillary products; and Consumer Banking, which is comprised of two divisions: Consumer and Community Banking and Legacy Consumer Mortgages.
Preferred: CIT.PRB
Open the CIT Page at The Online Investor »CIT Group is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides financing, leasing and advisory services principally to middle-market companies in a range of industries, primarily in North America. Co. also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, N.A. Co. manages its business in two operating segments: Commercial Banking, which provides a range of lending, leasing and deposit products, as well as ancillary products; and Consumer Banking, which is comprised of two divisions: Consumer and Community Banking and Legacy Consumer Mortgages.
Preferred: CIT.PRB
Open the FBC Page at The Online Investor »
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