CIT Announces 14th ANNUAL 'CIT is Pro Education' Scholarship Winners

NEW YORK, June 12 /PRNewswire-FirstCall/ -- CIT Group Inc. , a leading provider of consumer and commercial finance solutions, today announced the recipients of its 14th annual "CIT is Pro Education" academic scholarship program. This year's program recognizes 19 New Jersey students who demonstrated either outstanding academic acumen or significant achievement on the playing field.

"CIT has been a longtime supporter of education and we are proud to recognize the achievements of these 19 outstanding students," said Jeffrey M. Peek, CIT's chairman and CEO. "In addition to funding more than $1.2 million in scholarships since 1992, our employees spend hundreds of hours each year tutoring children and organizing events that benefit the local schools where they live and work. We congratulate these students on their success and look forward to following their progress in future years."

CIT also partners with nonprofit educational organizations to provide internship opportunities to all scholarship recipients in an effort to effectively prepare these students for corporate and community leadership positions.

CIT awarded six high school seniors $2,500 scholarships toward each year of their college education. In addition, as part of the program recipients are required to volunteer 20 hours each year that they receive the scholarship award. This year's recipients include:

* Gerardy Cabrera was Valedictorian at Technology High School and is a member of the National Honor Society and Who's Who in America. He was recently awarded the 'Men of Essex' award and plans to attend New Jersey Institute of Technology. * Matthew Castleberry of Immaculate Conception High School is a member of the National Honor Society and National Spanish Society. He played football and baseball for Immaculate and tutored fellow students. He plans to attend Hampton University. * Samantha Diggs served as President of the West Side High School Student Council for the past four years. She was New Jersey's Rookie of the Year in golf and plans to attend Clark Atlanta University. * Jamila Harvey of Benedictine Academy is a member of the National Honor Society and received the St. Scholastica Medal from her school, which recognizes the student who best represents the mission, beliefs and values of Benedictine Academy. She plans to attend Seton Hall University. * Bukky H. Orija of Barringer High School was an active participant in the Science, Medicine and Related Topics Pipeline Initiative (SMART) program at University of Medicine and Dentistry of New Jersey (UMDNJ), a summer program that allows students to explore science and medicine. Orija plans to attend the College of St. Elizabeth. * Alversia D. Starks was Valedictorian and President of the Student Leadership Council at Weequahic High School. She is an active volunteer with the American Cancer Society and the Newark Beth Israel Medical Center. Starks plans to attend Cornell University.

In addition, CIT awarded $500 U.S. savings bonds to the following students:

* Mark M. Cerqueira of Science High School will attend Princeton University. * Madeleine Martinez of Malcolm X Shabazz High School will attend Seton Hall University. * Ezinne Onukogu of University High School will attend Rutgers University. * Iris Oppong of Central High School will attend Montclair State University. * Geraldyne Ruiz of Newark Vocational High School will attend Kean University. * Michal Tchorzewski of East Side High School will attend Princeton University. * Manel Walker of Arts High School will attend Montclair State University.

As part of the "CIT is Pro Education" program, Rutgers University and Ramapo College also awarded scholarships to the following college students:

* Tierney Brady, Rutgers University. * Ashlee Cortes, Ramapo College. * Linda Lee, Ramapo College. * Amy Lewis, Rutgers University. * Ijeoma Nwosu, Ramapo College. * Tony Wargo, Rutgers University. About CIT

CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $67 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 6,700 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim. http://www.cit.com/ .

MEDIA CONTACT: C. Curtis Ritter Director of External Communications & Media Relations (212) 771-9603 Curt.Ritter@CIT.com