NEW YORK AND NEW HAMPSHIRE – (BUSINESS WIRE) –CIT Bank, the American commercial bank subsidiary of CIT Group Inc. (NYSE: CIT), a leading provider of commercial loans, leasing and advisory services, has entered into a deal to acquire the Portsmouth, New Hampshire-based company. Direct Capital Corporation, a financing provider for small and medium-sized businesses. The transaction will expand CIT’s small business and mid-market equipment lending and rental capabilities and enable Direct Capital’s team of highly experienced professionals to deliver CIT’s broad range of products and services. to its customers.
As part of the acquisition, Christopher J. Broom, co-founder and chairman of Direct Capital, and James P. Broom, chief executive officer of Direct Capital, will continue to lead the company. The acquisition is expected to close in the third quarter after meeting regulatory requirements and contractual conditions at closing. Terms of the deal were not disclosed.
“With its customer-centric approach and unique value-added technology platform, Direct Capital has established itself as a leader in providing fast, flexible and affordable financing to small and medium-sized businesses,” said declared Nelson J. Chai, President of CIT Group Inc., President and CEO of CIT Bank. “Direct Capital’s proprietary online lending platform, LendEdge, will complement our existing offerings for small and mid-sized businesses as we continue to provide financing to these important sectors of the US economy. I look forward to working with Chris, Jim and the entire Direct Capital team and building on their success. ”
Since its inception in 1993, Direct Capital has provided more than 80,000 small and medium-sized businesses with more than $ 2.25 billion in equipment, franchises, and supplier financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $ 500 million and employs 250 people. In 2013, she was named to the Inc 500/5000 and Monitor 100 lists of high growth companies.
Christopher J. Broom said: “We are delighted to join the CIT family, which will give us the opportunity to build on our established business model of providing small and medium-sized businesses with access to the capital they need. need to grow and prosper. CIT understands the importance of customer service and has built a reputation over the past 100 years serving these industries. ”
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About Direct Capital Corporation
Founded in 1993, Direct Capital is a financial technology company that provides financial solutions to small and medium-sized businesses, franchisors, and equipment and technology vendors. The company is headquartered in Portsmouth, NH and operates offices in New York City, California and Georgia. www.directcapital.com
About CIT Bank
Founded in 2000, CIT Bank (FDIC Member, Equal Housing Lender) is the US commercial banking subsidiary of CIT Group Inc. (NYSE: CIT). It provides loans and leases to the small business, middle market and transport sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help clients achieve their financial goals. As of March 31, 2014, it held over $ 13 billion in deposits and over $ 16.5 billion in assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $ 35 billion in finance and leasing assets. It provides financing, leasing and advisory services to its clients and their clients in more than 30 industries. CIT maintains leadership positions in middle market loans, factoring,
and equipment financing, as good as aerospace,
and rail leasing. CIT’s U.S. banking arm, CIT Bank (member of the FDIC), BankOnCIT.com, offers a variety of savings options designed to help clients achieve their financial goals. cit.com
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