M&A Deal Summary

CIT Bank Acquires Direct Capital

On August 4, 2014, CIT Bank acquired financial services company Direct Capital

Acquisition Highlights
  • This is CIT Bank’s 1st transaction in the Financial Services sector.
  • This is CIT Bank’s 1st transaction in the United States.
  • This is CIT Bank’s 1st transaction in New Hampshire.

M&A Deal Summary
Date 2014-08-04
Target Direct Capital
Sector Financial Services
Buyer(s) CIT Bank
Deal Type Add-on Acquisition
Advisor(s) Raymond James - Investment Banking (Financial)

Target

Direct Capital

Portsmouth, New Hampshire, United States
website
Direct Capital is a financial technology company that delivers financial solutions for small and medium sized businesses, franchisors, and equipment and technology sellers.

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Buyer(S) 1

Buyer

CIT Bank

Salt Lake City, Utah, United States
Category Company
Founded 2000
Sector Financial Services
DESCRIPTION

CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (New Hampshire) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Mergr

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