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C.I.T. Financial Corporation 1967 - (CIT Group) ***SOLD***


Beautifully engraved certificate from the C.I.T. Financial Corporation issued in 1967. This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of an allegorical woman looking at a globe. This item has the printed signatures of the company’s president and secretary and is over 34 years old.

In 1908, Henry Ittleson founded the Commercial Credit and Investment Company to help fuel the growth of a rapidly-expanding nation. Ninety-plus years and several name changes later, The CIT Group is now stronger than ever, with managed assets of over $50 billion and 11 consecutive years of increased earnings.

The following is a timeline detailing the evolution of the CIT Group, from our inception in 1908 to 1999's acquisition of Newcourt Credit Group Inc.

1908 CIT was founded as Commercial Credit and Investment Company by Henry Ittleson in St. Louis (initial business efforts were in financing receivables).

1915 Company moved its headquarters to New York City and changed its name to Commercial Investment Trust with the identifying initials "C.I.T."

1915 CIT signed an agreement with Studebaker for nationwide wholesale and retail financing of automobiles. This was the first automobile financing program in the U.S.

1920 CIT began to build its industrial financing business alongside its consumer business.

1924 CIT went public and its stock was listed on the New York Stock Exchange. It issued its first annual report. The company had 600 employees and assets of $44.7 million.

1942 CIT Financial Corporation, the company's industrial financing entity, was incorporated.

1933 The company acquired Ford Motor Company's financing arm, Universal Credit Corporation.

1964 Several CIT owned factoring companies were merged to form CIT's Meinhard-Commercial Corporation. William Iselin & Co. was another CIT factoring organization at the time.

1969 CIT began its withdrawal from the automobile financing business. The company refocused energies on industrial equipment financing, factoring and leasing.

1980 RCA acquired CIT.

1984 Manufacturers Hanover Bank purchased CIT from RCA.

1986 The company officially changed its name to The CIT Group.

1987 Albert R. Gamper, Jr., sector executive vice president of Manufacturers Hanover, was named chairman and CEO of CIT. When Dai-Ichi Kangyo Bank purchased 60% of CIT's stock in 1989, he was named president and CEO of CIT.

1988 CIT sold its consumer loan businesses.

1989 Dai-Ichi Kangyo Bank acquired 60% of CIT from Manufacturers Hanover.

1991 CIT acquired Fidelcor Business Credit Corp. and renamed it CIT Credit Finance.

1991 CIT's new equity investment unit, founded a year earlier, made its initial investment.

1992 CIT Consumer Finance was started 'de novo' to offer home equity loans, returning CIT to the home equity loan business.

1992 CIT Venture Capital became a licensed Small Business Investment Corporation.

1994 CIT acquired Barclays Commercial Corp. and merged it with its commercial services unit to create the largest factoring organization in the U.S.

1995 Dai-Ichi Kangyo Bank acquired an additional 20% of CIT from Chemical Banking, the successor company to Manufacturers Hanover.

1995 The CIT group ended the year with a record $17 billion in assets, reached the $225 million mark in earnings and employed approximately 2800 people across the U.S.

1996 Chemical Bank merged with Chase Manhattan. CIT ownership is 80% by Dai-Ichi Kangyo Bank and 20% by the Chase Manhattan Corporation.

1997 CIT launched an initial public offering of 20% of CIT's common stock to acquire from The Dai-Ichi Kangyo Bank, Limited its option to purchase the 20% interest owned by the Chase Manhattan Corporation and to exercise such option. CIT once again lists its stock on the New York Stock Exchange ("CIT").

1998 CIT completes a successful secondary stock offering, reducing DKB's stake to approximately 44% with the balance of the shares owned by the public.

1999 On January 28, 1999, CIT reports record earnings of $338.8 million with more than $26.2 billion in managed assets.

On March 8, 1999, CIT announced it will acquire Newcourt Credit. On November 15, CIT completed acquisition of Newcourt.

The history was obtained from the CITGroup.com website.

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