CIT Bank

2180 S 1300 East, Suite 250
Salt Lake City, UT 84106

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CIT Bank


General Bank Information

FDIC Insured Yes
FDIC Certificate # 35575
Date Established 2000
Assets $21.46 billion
Loans $14.88 billion
Deposits $16.81 billion
Capital $2.75 billion

CIT Bank is an FDIC insured institution located in Salt Lake City, UT. It was founded in 2000 and has approximately $21.9 billion in assets.

For a more detailed analysis of CIT Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Bank Loan Profile?

The top three loan types in CIT Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Construction and Development Loans.

Compared to other banks in Utah, CIT Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 3.48
Commercial Real Estate 7.39
Commercial and Industrial Loans 53.47
Farm Loans 0.07

Savings Rates

Your Current Location: New York, NY 10007

Loan Rates

Your Current Location: New York, NY 10007

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Cit Bank Locations

Financial Details

CIT Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of CIT Bank. The data is provided by the FDIC. Please remember that all banks listed on are FDIC insured while all credit unions are similarly insured by the NCUA. No depositor has ever lost money while their funds have been insured by the FDIC or NCUA.

Texas Ratio
CIT Bank U.S. Bank Average
3.24% 8.56%

The Texas Ratio compares the amount of loans at risk and the amount of owned real estate with the amount a bank has on hand to cover any losses. As of June 30, 2015, CIT Bank had $98,402,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,748,123,000 in equity and $286,247,000 in loans loss reserves. That gives it a Texas Ratio of 3.24%. The closer the Texas Ratio is to 100% and over, the less capital and reserves a bank has to absorb its loan losses.

Return on Equity
CIT Bank U.S. Bank Average
5.13% 9.74%

CIT Bank has a Return on Equity of 5.13% versus the BestCashCow average of 9.74%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

CIT Bank U.S. Bank Average
12.8% 11.23%

CIT Bank has a Capitalization of 12.8% versus the BestCashCow average of 11.23%. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

CIT Bank Balance Sheet Analysis

As of March 31, 2015, CIT Bank had assets of $21,903,259,000, loans of $14,876,138,000, and deposits of $16,806,700,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Customer Comments for CIT Bank

  • Don

    March 02, 2015

    Bank rep claims he understands the issue and will adjust the date of the term to correspond with the date of the opening deposit. He also says that this has been an ongoing "systems issue" that is being looked at. OK...benefit of the doubt...

  • Don

    March 02, 2015

    LOST CD INTEREST due to CIT bank's bookkeeping methods:

    When a CD account is opened online, and then funded by transfer or by mailing a check, interest is lost for the number of days that the bank begins the term of the CD (when the application is submitted and approved) vs the date of funding.
    Let's say you apply online for a 1-yr CD on the 1st, and the account is opened. You mail a check which is received and deposited on the 7th.
    The TERM of your CD begins on the 1st and expires 1 year later, but you only get paid interest from the 7th. You lose a few days interest because the term as defined expires early.

    In this example, you have been sold a 1-year CD but have been delivered a 359-day CD.

    The obvious answer is for CIT to start the term of the CD on the date it is initially FUNDED, and not the date the application is submitted online. OTHER BANKS DO THIS, so it is completely discretionary.

  • Alex Reveis

    January 08, 2015

    @ Martha

    They are an online bank so they only have online locations. I use them and find the interface to be pretty easy.

  • martha calderon

    January 08, 2015

    I would like to tranfer money form a savings earning less that 1% to your 5 year CD... do you have a brick and mortar location? or is all banking done on line?

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