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CIT Bank, N.A.
Subsidiary of CIT Group
Founded2000; 20 years ago (2000) in Salt Lake City, Utah
HeadquartersPasadena, California
Number of locations
(OneWest Bank)
Area served
Key people
Ellen Alemany
(Chairwoman and CEO)
Robert Rubino
(President of CIT Bank)
ProductsOnline banking
Deposit account
Certificate of deposit
Checking account
Money market account
Working capital loan
BrandsOneWest Bank
Total assetsIncrease US$44.32 billion (Q1 2019)[1]
Total equityIncrease US$5.11 billion (Q1 2019)[1]
ParentCIT Group
RatingMoody's: Ba1 (2018)[2]

CIT Bank, N.A. (CIT Bank) is the banking subsidiary of financial services company CIT Group. The bank is headquartered in Pasadena, California. CIT Bank consists of an online bank and its OneWest Bank division, a Southern California branch bank with over 60 locations.[3][4] As of March 31, 2019, CIT Bank had assets of $44.32 billion.[1] As of January 31, 2019, CIT Bank was the 42nd largest bank in the United States.[5]

CIT Bank is regulated by the Office of the Comptroller of the Currency, U.S. Department of the Treasury.

Current operations

CIT Bank provides lending, leasing, and other financial and advisory services, primarily to small and middle-market companies across select industries through its Commercial Finance, Rail, Real Estate Finance, and Business Capital divisions. The bank also offers residential mortgage lending and deposits to its customers through its Retail Banking division. CIT Bank's loans and leases are primarily commercial loans, consumer loans, and operating lease equipment.[3]

Through its Retail Banking segment, CIT Bank provides deposit accounts, certificates of deposit (CDs), money market accounts, home mortgages, and working capital loans to businesses.[6] Through its OneWest Bank division, it also offers checking accounts.[7]



CIT Bank was founded in 2000 in Salt Lake City, Utah as a Utah industrial loan corporation.[8] In October 2008, CIT Bank converted from a Utah industrial bank to a Utah-state chartered bank.[9]

Launch of online bank

In October 2011, John Thain, Chairman and CEO of CIT, announced the launch of CIT Bank's retail online banking platform. [10] The online bank was launched as a way for CIT to diversify its funding sources. The online platform initially offered a range of certificates of deposit directly to consumers as well as to institutions.

Growth of bank

With the launch of its online platform, CIT began to transfer the majority of its activity and business through the bank with the goal of virtually funding all of CIT's U.S. lending and leasing volume.

In 2011, CIT Group had transferred its Corporate Finance middle-market lending activities and its small business lending activities into the bank. Following each platform transfer, related new originations were then funded by CIT Bank using its available cash, deposits, and secured financings.[11]

In 2012, CIT Bank began offering online savings accounts. Additionally, nearly all of CIT’s U.S. new business originations were in CIT Bank in 2012. The bank raised more than $4.5 billion in online deposits and expanded its business activities to include equipment financing, commercial real estate lending, and railcar leasing. The bank also closed a committed funding facility to support financing to U.S. middle market businesses.[12]

OneWest Bank merger

Effective as of August 3, 2015, CIT Group acquired IMB HoldCo LLC, the parent company of OneWest Bank. CIT Bank, a Utah-state chartered bank and a wholly owned subsidiary of CIT, merged with and into OneWest Bank, with OneWest Bank surviving as a wholly owned subsidiary of CIT with the name CIT Bank, National Association (“CIT Bank, N.A.” or “CIT Bank”).[13]

Prior to the OneWest transaction, CIT Bank was regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions.[13]

Recent history

In December 2018, CIT announced that Robert Rubino had been named President of CIT Bank and head of Commercial Banking, effective February 25, 2019. Rubino was previously the Co-President of Santander Bank, N.A. and head of Commercial Banking.[14]

In January 2020, CIT the parent company of CIT Bank, NA announced its acquisition of Mutual of Omaha Bank. [15]

Retail banking awards and industry recognition


  • GOBankingRates' Top 10 Best Online Banks[16]
  • FinTech Breakthrough Awards' Best Personal Finance Company[17]
  • SmartAsset's 2019's Best Savings Accounts[18]


  • Nerdwallet's Best Savings Account List[19]
  • GOBankingRates' Top 10 Best Savings Accounts[19]
  • GOBankingRates' Best Bank for High Yield Savings[19]
  • GOBankingRates' Top 10 Best Online Banks[19]
  • Magnify Money's Best Money Market Account Rates List[19]

See also


  1. ^ a b c "CIT Group First Quarter 2019 Results" (PDF). CIT Group - Investor Relations. Retrieved April 28, 2019.
  2. ^ "CIT Bank, N.A. Credit Rating". Moody's. Moody's. Retrieved March 23, 2019.
  3. ^ a b "CIT Group 2018 10-K". Securities and Exchange Commission. Retrieved March 17, 2019.
  4. ^ "About Us". OneWest Bank. Retrieved March 17, 2019.
  5. ^ "Federal Reserve: Statistical Release Large Commercial Banks". Federal Reserve. Federal Reserve. March 31, 2019.
  6. ^ "CIT Bank - Banking". CIT Bank. CIT Bank. Retrieved March 17, 2019.
  7. ^ "OneWest Bank - Checking accounts". OneWest Bank. OneWest Bank. Retrieved March 17, 2019.
  8. ^ "CIT Group 2002 10-K". Securities and Exchange Commission. Retrieved March 23, 2019.
  9. ^ "CIT Group 2009 10-K". CIT Group Investor Relations. CIT Group. Retrieved March 23, 2019.
  10. ^ "CIT Launches Online Bank". BusinessWire. BusinessWire. Retrieved March 23, 2019.
  11. ^ "CIT Group 2011 10-K" (PDF). CIT Group Investor Relations. CIT Group. Retrieved March 23, 2019.
  12. ^ "CIT Group 2012 10-K" (PDF). CIT Group Investor Relations. CIT Group. Retrieved March 23, 2019.
  13. ^ a b "CIT Group 2015 10-K" (PDF). CIT Group Investor Relations. CIT Group. Retrieved March 23, 2019.
  14. ^ Broughton, Kristin. "CIT hires Santander exec to lead banking division". American Banker. American Banker. Retrieved March 23, 2019.
  15. ^ "CIT buys Mutual of Omaha Bank for $1 billion". Housing Wire. Retrieved January 28, 2020.
  16. ^ Csiszar, John. "10 Best Online Banks of 2019". GOBankingRates. GoBankingRates. Retrieved March 23, 2019.
  17. ^ "FinTech Breakthrough 2019 Awards". FinTech Breakthrough. Archived from the original on April 5, 2019. Retrieved April 28, 2019.
  18. ^ "SmartAsset 2019's Best Savings Accounts". SmartAsset. Retrieved April 28, 2019.
  19. ^ a b c d e "Awards and Industry Recognition". CIT Bank. CIT Bank. Retrieved March 23, 2019.
This page was last edited on 10 July 2020, at 18:57
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