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May 25, 2015 5:55 PM ET


Company Overview of CIT Bank

Company Overview

CIT Bank provides banking products and services in the United States. The company offers a range of savings accounts, individual retirement accounts, and certificates of deposit. It also provides secured loans collateralized by accounts receivable, inventory, machinery and equipment, and intangibles to finance working capital, plant expansion, acquisitions, and recapitalizations, such as revolving lines of credit and term loans, asset-based loans, and cash flow loans, as well as small business administration guaranteed loans. In addition, the company provides secured lending and leasing products to midsize and larger companies in the aerospace, rail, and defense industries; and to small and ...

2180 South 1300 East

Suite 400

Salt Lake City, UT 84106

United States

Founded in 2000



Key Executives for CIT Bank

Compensation as of Fiscal Year 2014.

CIT Bank Key Developments

CIT Bank Launches its RampUp Line of CDs

CIT Bank has launched its RampUp line of CDs. According to the firm, RampUp line of CDs are term CDs offering customers the flexibility to raise their interest rates once during the CD's term should rates go up. RampUp Plus CDs offer another advantage of allowing customers to add funds to their initial deposit one time during the CD's term. RampUp CDs allow customers to boost their rates and RampUp Plus CDs allow them to both boost the rate and bump up the initial deposit all within the CD's term. This new suite of flexible savings products builds on what was formerly known as CIT Bank's Achiever CDs by expanding the range of terms from one-year to four-years.

CIT Group Appoints Randall Chesler as President of CIT Bank

CIT Group Inc. announced the appointment of Randall (Randy) Chesler as President of CIT Bank. He will be based in Salt Lake City, Utah, and report to CIT Bank's Board of Directors. Mr. Chesler is currently Vice Chairman of CIT Bank and previously served as President of Consumer Finance and Small Business Lending at CIT. He succeeds John Taylor who will assist in the transition and pursue opportunities outside CIT Bank. Mr. Chesler has more than 25 years of leadership experience in the financial services and high-tech industries. Before joining CIT, he served as President and CEO of Size Technologies Inc. Before Size, he was General Manager of the U.S. Card business and General Manager of Associates National Bank at Associates First Capital Corporation and served as Executive Vice President at Visa U.S.A., where he was responsible for member banks. Prior to Visa, he was an executive at Citibank, where, during the course of over a decade, he held a variety of senior line and staff positions.

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