When choosing a financial institution, understanding its history can offer insights into its stability, values, and long-term commitment to customers. If you’ve come across CIT Bank in your research, you might wonder: How long has CIT Bank been in business? Is it a new digital bank, or does it have a deeper legacy in the American financial system?
The answer is more fascinating than you might expect. While CIT Bank operates today as a modern, online-focused institution, its roots stretch back well over a century. In this article, we’ll take a detailed look at the history of CIT Bank, how it evolved through time, and why its legacy still matters to banking customers today.
The Origin Story: CIT Founded in 1908
The story of CIT Bank begins not in the digital age but in the early 20th century. The original parent company, Commercial Investment Trust (CIT), was founded in 1908 by Henry Ittleson in St. Louis, Missouri. Its initial purpose was to provide financing for businesses, primarily those involved in transportation and equipment.
At the time, industrial growth in the U.S. was booming, and companies needed flexible lending options to purchase trucks, trains, and other machinery. CIT quickly became known as an innovator in commercial finance.
By the 1920s, the company had moved its headquarters to New York City and had expanded internationally. It helped finance equipment, manufacturers, and even some of the early consumer goods sectors.
So, when we ask, how long has CIT been in business?—the answer is over 115 years.
The Early Years: Growth and Diversification
Through the mid-20th century, CIT continued to expand. The company played a major role in financing small- to medium-sized businesses across the U.S., offering leasing and lending solutions in manufacturing, retail, and services.
Some key highlights during this period include:
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1930s–1940s: CIT helped businesses recover from the Great Depression and contributed to wartime manufacturing efforts during WWII.
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1950s–1960s: It began to move into consumer finance, auto loans, and retail credit.
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1970s–1980s: CIT diversified further, adjusting its business model as global finance became more complex.
Although it wasn’t operating as a consumer-facing bank yet, CIT had built a reputation as one of the most respected commercial finance institutions in the U.S.
CIT’s Entry into Consumer Banking
CIT’s journey into direct consumer banking began much later—in the 21st century. After operating for decades strictly in commercial finance, the company decided to enter the consumer banking space as a way to diversify revenue and adapt to a changing financial landscape.
This move became official with the creation of CIT Bank, N.A., an FDIC-insured national bank, in 2000. This marked the beginning of CIT’s transition from a behind-the-scenes commercial lender to a modern, digitally accessible financial institution.
The decision aligned with broader trends in the financial world. Traditional banks were being challenged by digital upstarts, and consumers were increasingly seeking online savings accounts, CDs, and loans without the need for physical branches.
CIT Bank’s Digital Banking Era
Although CIT Bank had a national charter in place in 2000, it wasn’t until the 2010s that it truly embraced digital banking. The company shifted focus toward online deposit products, such as:
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High-yield savings accounts
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Certificates of deposit (CDs)
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Money market accounts
This strategy positioned CIT Bank as a competitive option for consumers seeking low-fee, high-interest online banking services. Unlike traditional banks, CIT could offer higher interest rates by avoiding the costs associated with brick-and-mortar branches.
The digital push was also supported by a robust back-end system built over decades of experience in financial services, giving customers confidence in the bank’s reliability despite its online-only interface.
CIT Bank and the Financial Crisis
It’s important to mention that CIT Bank, like many financial institutions, faced significant challenges during the 2008 financial crisis. The broader company, CIT Group Inc., filed for bankruptcy in late 2009—the fifth-largest bankruptcy in U.S. history at the time.
However, the company emerged from bankruptcy protection just 38 days later, thanks to a pre-packaged reorganization plan supported by creditors. This swift recovery demonstrated CIT’s resilience and long-standing credibility in the financial world.
Post-bankruptcy, CIT focused more on risk management, streamlining its operations, and building a more stable base through digital banking. It was during this time that CIT Bank, N.A. became a more prominent and well-marketed brand.
Major Milestone: Acquisition of OneWest Bank
In 2015, CIT Group made a significant move by acquiring OneWest Bank, a regional bank based in Southern California. This acquisition:
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Expanded CIT Bank’s retail banking footprint in California
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Brought in a large base of mortgage and small business lending clients
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Added over $20 billion in assets to CIT’s balance sheet
This merger helped solidify CIT’s position as a hybrid bank—operating both digitally and through a small number of physical locations in California.
However, for most U.S. consumers, CIT Bank remained primarily an online bank, accessible nationwide with competitive savings rates and straightforward banking tools.
CIT Bank Merges with First Citizens Bank (2022)
One of the most transformative moments in CIT Bank’s recent history came in January 2022, when it merged with First Citizens Bank. First Citizens, founded in 1898 and based in North Carolina, brought with it over a century of financial experience and a wide physical branch network.
This merger created one of the largest family-controlled banks in the U.S., with more than $100 billion in assets.
For customers of CIT Bank, the merger had several implications:
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Continued access to online banking services under the CIT brand
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More robust infrastructure and regulatory oversight
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Expanded services and product offerings via First Citizens’ platform
Today, CIT Bank operates as a division of First Citizens Bank, and all deposits remain FDIC-insured. The merger ensured long-term stability and growth potential for CIT Bank in the evolving digital banking market.
So, How Long Has CIT Bank Been in Business?
To summarize:
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CIT (Commercial Investment Trust) was founded in 1908, making the institution over 115 years old.
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CIT Bank, N.A., the consumer banking division, was officially chartered in 2000.
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CIT entered full-scale digital consumer banking in the 2010s.
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It merged with First Citizens Bank in 2022, becoming part of one of America’s largest banks.
So if you’re asking, how long has CIT Bank been in business, the short answer is:
CIT Bank has been in business for over 20 years as a consumer bank and over 115 years as a financial institution.
This long history not only proves its legitimacy but also shows a deep resilience in the face of financial upheaval and technological transformation.
Why CIT Bank’s History Matters Today
In a digital world filled with new fintech apps and online-only neobanks, CIT Bank stands out because it combines modern digital convenience with a century-long legacy. Many online financial platforms have popped up in the last decade, but few have the historical depth or regulatory experience that CIT brings.
When evaluating a bank for your savings, CDs, or money market account, a long business history is a strong sign of credibility, especially when paired with FDIC insurance and consistently high customer satisfaction.
Final Thoughts
CIT Bank isn’t just another new online bank. It’s the modern evolution of a financial institution that has been serving businesses and consumers for over a century. While its consumer banking division was formally launched in 2000, its parent company’s origins date back to 1908.
From helping finance industrial growth in the early 20th century to becoming a digital-first savings platform in the 21st, CIT Bank’s journey reflects resilience, adaptation, and a long-standing commitment to financial service.
If you’re considering banking with CIT, you can do so with confidence—knowing that you’re working with a bank that has stood the test of time.