Founded in 1908, CIT has a long history as a leader in middle-market lending and financing. Its primary focus has been on providing capital and financial solutions to businesses across various industries, including commercial real estate, equipment financing, and factoring. In January 2022, CIT Group Inc. merged with First Citizens BancShares, Inc. The combined company now operates under the First Citizens Bank name, with CIT operating as a key division, creating one of the top 20 U.S. financial institutions by assets.