cit group inc (CIT) Key Developments
CIT Group Inc. Announces Board Appointments
Jul 22 14
CIT Group Inc. announced that it has entered into a definitive agreement and plan of merger with IMB Holdco LLC. Following the close of the transaction, CIT Bank, CIT's banking subsidiary, will merge with OneWest Bank under the ‘CIT Bank’ name. CIT Group Inc. will continue to be led by John A. Thain, Chairman and Chief Executive Officer. Following the close of the transaction, Steven T. Mnuchin, Chairman of IMB Holdco LLC, will join CIT Group Inc. as Vice Chairman and will also become a member of its Board of Directors. Alan Frank, an independent director from OneWest Bank will also join the CIT Board, increasing its size from 13 to 15 members.
CIT Group Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Jul 22 14
CIT Group Inc. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total interest income of $309.8 million against $319.1 million a year ago. Net interest revenue was $47.6 million against $56.5 million a year ago. Income from continuing operations before provision for income taxes was $219.0 million against $205.4 million a year ago. Net income was $246.9 million against $183.6 million a year ago. Diluted income per common share was $1.29 against $0.91 a year ago. Second quarter results reflect growth in earning assets and a further shift to deposit funding. Additionally, net income reflected benefits from loan prepayments, lower credit costs as well as the restructuring of two aircraft securitizations in company's TRS facility that positively impacted interest expense and other income. Income from continuing operations was at $195.2 million against $175.6 million reported last year.
For the six months, the company reported total interest income of $612.0 million against $641.6 million a year ago. Net interest revenue was $77.9 million against $104.9 million a year ago. Income from continuing operations before provision for income taxes was $341.7 million against $374.1 million a year ago. Net income was $364.1 million against $346.2 million a year ago. Diluted income per common share was $1.88 against $1.71 a year ago. Book value per share at June 30, 2014 grew to $46.42 from $45.10 at March 31, 2014 and $43.16 at June 30, 2013. Income from continuing operations was at $310.1 million against $328.5 million reported last year. Tangible book value per share at June 30, 2014 increased to $44.16, from $42.94 at June 30, 2013 and $41.33 at June 30, 2013.
CIT Group Inc. Orders with Airbus for 15 A330-900neo Aircraft and Five A321ceo Aircraft
Jul 21 14
CIT Group Inc. placed an order with Airbus for 15 A330-900neo aircraft and five A321ceo aircraft.
CIT Group Inc. Approves the Addition of a New Article XII to By-Laws
Jul 16 14
On July 15, 2014, the Board of Directors of CIT Group Inc. approved the addition of a new Article XII to CIT's By-laws which provides that, unless the company consents in writing to the selection of an alternative forum, the sole and exclusive forum for any derivative action or proceeding brought on behalf of the Company, any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the company to the company or the company's stockholders, any action asserting a claim against the company or any director or officer or other employee of the company arising pursuant to any provision of the Delaware General Corporation Law or CIT's Certificate of Incorporation or By-Laws, or any action asserting a claim governed by the internal affairs doctrine shall be a state court located within the State of Delaware. The intent of the amendment to CIT's By-laws is to avoid excessive costs and inefficiencies that the company may incur from time to time from multijurisdictional litigation of the type described in Article XII of the By-laws.
CIT Group Inc. Orders 10 Boeing 787 Passenger Jets
Jul 15 14
CIT Group Inc. has ordered 10 Boeing 787 passenger jets with a list price of $2.5 billion. CIT ordered the new, larger version of the 787, which Boeing calls the Dreamliner. Terms were not disclosed. Buyers often get steep discounts off list prices for passenger jets. The deal brings CIT's total orders for the 787 to 20, including 16 of the 787-9 model, which is 20 feet longer than the original 787-8. CIT said that the planes would add to its fleet of fuel-efficient aircraft that are favored by airlines.