If you're asking about CIT Bank—the online U.S. commercial‑bank subsidiary of CIT Group—it was founded in 2000, so as of mid‑2025 it has been in operation for about 25 years
If you're referring instead to CIT Group, the larger financial services company behind CIT Bank, it traces its roots back to the founding of the Commercial Credit and Investment Company in February 1908, making that entity more than 117 years old today
Summary:
CIT Bank (the bank subsidiary): established in 2000 → ~25 years in operation.
CIT Group (holding company): originally founded in 1908 → ~117 years in business.
Sure — here’s a more detailed look at CIT Bank and CIT Group, including their history and evolution:
🔷 CIT Group Inc. – The Parent Company
Founded: February 1908 by Henry Ittleson in St. Louis, Missouri.
Original Name: Commercial Credit and Investment Company.
Purpose: Initially provided financing for businesses, particularly in the retail and manufacturing sectors.
Expansion: Over the 20th century, CIT Group grew to become a major player in commercial lending, leasing, and factoring.
Public Offering: CIT became a publicly traded company in 1960.
Global Reach: By the late 1990s and early 2000s, CIT operated internationally, offering a wide range of financial products.
Financial Crisis: CIT filed for bankruptcy in 2009 during the global financial crisis but emerged later the same year after restructuring.
🔹 CIT Bank, N.A. – The Banking Arm
Established: 2000 (as part of CIT Group's strategy to expand into online and retail banking).
Type: An online bank — no physical branches, focused on high-yield savings, money market accounts, CDs (certificates of deposit), and home loans.
Headquarters: Pasadena, California.
Target Market: Individuals looking for online-only banking with competitive interest rates on deposits and personal banking solutions.
Regulation: It operates as a national bank, regulated by the Office of the Comptroller of the Currency (OCC).
FDIC-insured: Yes — depositors are insured up to the legal limit.
🏦 Recent History: Merger with First Citizens Bank
In January 2022, CIT Group merged with First Citizens BancShares, headquartered in Raleigh, North Carolina.
This merger created one of the largest banks in the United States, significantly expanding First Citizens’ commercial and consumer banking capabilities.
The CIT brand still exists in some areas, but over time, operations have been integrated under the First Citizens name.
✅ Key Facts Summary
| Feature | Detail |
|---|---|
| CIT Group founded | 1908 |
| CIT Bank founded | 2000 |
| CIT Group bankruptcy | 2009 (recovered same year) |
| Merger | With First Citizens in 2022 |
| Current Status | Operates as part of First Citizens Bank |