CIT Opens New Office in Jacksonville, Florida

JACKSONVILLE, Fla., Nov. 16 /PRNewswire-FirstCall/ -- CIT Group Inc. , a leading global provider of commercial and consumer finance solutions, today announced the opening of its new office in Jacksonville, FL. The 110,000 square foot office, located at 10201 Centurion Parkway North, will house CIT's U.S. Vendor Finance business. The office currently employs approximately 350 individuals from CIT's Vendor Finance Shared Services Organization and Technology and Office Equipment business unit. These units service CIT clients' assets from the IT, office products, healthcare, and diversified industry categories.

(Photo: http://www.newscom.com/cgi-bin/prnh/20061116/NYTH050 )

"I'm excited to open this new office in Jacksonville, which serves as a key originations, servicing and operations center for CIT," said Jeffrey M. Peek, Chairman and CEO. "As we grow our U.S. Vendor Finance business, our Jacksonville employees will play a key role in our client-focused approach to doing business. I'm also pleased to announce our support of the Northeast Florida Salvation Army and the Jacksonville Symphony Orchestra. CIT's support is reflective of our belief in supporting the communities in which our employees live and work."

In conjunction with the opening, on behalf of CIT's Corporate Giving Program, Mr. Peek announced contributions to the Northeast Florida Salvation Army and the Jacksonville Symphony Orchestra. The funds will support the Salvation Army's Child Development Center, Crisis Relief Food Pantry, and its Red Shield Lodge Homeless Shelter. CIT will also help underwrite the Jacksonville Symphony Orchestra's Holiday Concert.

Ron Barton, Executive Director of the Jacksonville Economic Development Commission, said, "Today's ceremony is a testament to CIT's ongoing commitment to the North Florida business community. CIT is not only a great business partner to the city of Jacksonville, it is also a great civic partner. We are very pleased to have their support which will add to the region's economic health and continued growth."

Mr. Peek was joined at the ribbon-cutting ceremony by Thomas B. Hallman, CIT Vice Chairman, Specialty Finance; Kris Snow, President, Vendor Finance Americas; Ron Arrington, President, US Vendor Finance; Nick Small, General Manager CIT Vendor Finance, Shared Services; Dan Krajewski, General Manager CIT Vendor Finance, Technology and Office Equipment; Ron Barton, Executive Director, Jacksonville Economic Development Commission; Sally Patch, Vice President, Workforce/Existing Business, Jacksonville Chamber of Commerce; Terri Montville, Manager of Corporate Sponsorships, Jacksonville Symphony Orchestra, and Major Jim Arrowood, Northeast Florida Area Commander, Salvation Army.

ABOUT CIT VENDOR FINANCE

CIT Vendor Finance is a global leader in financing solutions that drive incremental revenues for manufacturers, distributors, and other intermediaries. It provides customized financing solutions to customers in more than 30 countries, supporting a wide variety of industries, including health care, industrial equipment, and technology.

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 $70 billion in managed assets 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 more than 7,200 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. http://www.cit.com/.

MEDIA CONTACTS C. Curtis Ritter Mary Flynn Director of External Communications Director of Media Relations & Media Relations (212) 461-7860 (212) 461-7711 Mary.Flynn@CIT.com Curt.Ritter@CIT.com