Group Inc. (NYSE:CIT) cit.com,
a leading provider of financing and advisory services to small
businesses and middle market companies, today announced that its Board
of Directors approved the repurchase of up to $300 million of common
stock through December 31, 2014. In addition, the Board also approved
the repurchase of an additional $7 million of common stock, the amount
remaining from its 2013 share repurchase authorization.
In May 2013, the Company was authorized to repurchase $200 million of
common stock and successfully repurchased $193 million of common stock
through December 31, 2013.
"This announcement reflects our continued efforts to return capital to
our shareholders," said John
A. Thain, Chairman and Chief Executive Officer. "As we work to
enhance the value of our franchise we will continue to find ways to
create shareholder value."
Management will determine the timing and amount of any share repurchases
under the share repurchase authorizations based on market conditions and
other considerations. The repurchases may be effected in the open
market, through derivative, accelerated repurchase and other negotiated
transactions, and through plans designed to comply with Rule 10b5-1(c)
under the Securities Exchange Act of 1934, as amended.
View CIT's corporate
overview video (cit.com/corporatevideo),
which showcases our support of the small business, middle market and
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Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more
than $35 billion in financing and leasing assets. It provides
financing, leasing and advisory services to its clients and their
customers across more than 30 industries. CIT maintains leadership
positions in middle
market lending, factoring,
leasing, and vendor
finance. CIT operates CIT
Bank (Member FDIC), its primary bank subsidiary, which, through its
Internet bank BankOnCIT.com,
offers a suite of savings options designed to help customers achieve a
range of financial goals. cit.com
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