On the Record · CIT

CIT acquisitions, on the record

The businesses CIT bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
IMB HoldCo LLC and its subsidiary, OneWest Bank N.A. Word for word“We acquired IMB HoldCo LLC and its subsidiary, OneWest Bank N.A., in 2015 and two businesses, NACCO SAS and Capital Direct Group, in 2014.” 10-K for 2018	acquisition	2015	—
NACCO SAS and Capital Direct Group Word for word“We acquired IMB HoldCo LLC and its subsidiary, OneWest Bank N.A., in 2015 and two businesses, NACCO SAS and Capital Direct Group, in 2014.” 10-K for 2018	acquisition	2014	—
Commercial Air business Word for word“We completed the sale of our Commercial Air business in April 2017 for $10.4 billion and recorded a pre-tax gain of $146 million.” 10-K for 2018	divestiture	April 2017	$10.4 billion
NACCO SAS, our European rail car leasing business Word for word“We sold (i) our Commercial Air business in April 2017, (ii) the majority of our international financing and leasing businesses and our student lending and small business lending portfolios from 2014 to 2016, (iii) NACCO SAS, our European rail car leasing business in 2018, and (iv) our Financial Freedom servicing business, including our reverse mortgage portfolio, in 2018.” 10-K for 2018	divestiture	in 2018	—
Financial Freedom servicing business, including our reverse mortgage portfolio Word for word“We sold (i) our Commercial Air business in April 2017, (ii) the majority of our international financing and leasing businesses and our student lending and small business lending portfolios from 2014 to 2016, (iii) NACCO SAS, our European rail car leasing business in 2018, and (iv) our Financial Freedom servicing business, including our reverse mortgage portfolio, in 2018.” 10-K for 2018	divestiture	in 2018	—
reverse mortgage portfolio (Financial Freedom servicing business) Word for word“The Company sold its reverse mortgage portfolio in May 2018 in connection with the sale of its discontinued operation, the Financial Freedom servicing business.” 10-K for 2018	divestiture	May 2018	—
NACCO Word for word“$25 million gain on sale of NACCO in Commercial Banking.” 10-K for 2018	divestiture	—	$25 million gain on sale
Mutual of Omaha Bank ("MOB"), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc. ("OFHI") Word for word“On January 1, 2020, we acquired Mutual of Omaha Bank (“MOB”), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc. (“OFHI”).” 10-K for 2019	agreed acquisition	On January 1, 2020	—
Mutual of Omaha Bank ("MOB") Word for word“CIT paid approximately $1 billion as consideration, comprised of $850 million in cash and approximately 3.1 million shares of CIT Group Inc. common stock (valued at approximately $141 million at the time of closing).” 10-K for 2019	acquisition	—	approximately $1 billion
Mutual of Omaha Bank Word for word“On January 1, 2020, we acquired Mutual of Omaha Bank (“MOB”), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc. (“OFHI”).” 10-K for 2020	acquisition	January 1, 2020	—
First Citizens BancShares, Inc. Word for word“Under the terms of the Merger Agreement, CIT stockholders will receive 0.062 shares of First Citizens Class A common stock for each share of CIT common stock they own.” 10-K for 2020	merger	—	0.062 shares of First Citizens Class A common stock for each share of CIT common stock

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)	Cash received from selling businesses	Goodwill from acquisitions
2016-12-31	—	$0	—
2017-12-31	—	$10.03 billion	—
2020-12-31	$720.1 million	—	$115.2 million

Deal filings since 2016

2022-01-04 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2021-09-30 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-10-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-06-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-01-02 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2019-11-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-08-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-02-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-08-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-03-12 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-02-21 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-06-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-04-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-04-07 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2017-02-27 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-12-23 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-10-12 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-02-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from CIT’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-19. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.