CIT Bank
Headquarters
2150 South 1300 East, Suite 400
Salt Lake City, UT 84106
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2024 Overview
General Bank Information
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.
| 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 |
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.
Deposit Rates - April 23, 2024
Your Current Location: Ohio, OH 43085
Bank Offers
CIT Bank Lowers Savings Builder, Makes CD Rates Entirely Non-Competitive
Oct 1, 2019
CIT Bank has lowered its Savings Builder rate from 2.20% to 2.10% APY.
It has also lowered all of its CD products. Its 1-Year CD and its 18-Month CD had previously been competitive at 2.20% and 2.40%, respectively. At 2.00% and 2.10%, they are not. Its longer term CD products have not been rate competitive for some time.
Bank Online Offers
Loan Rates - April 23, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for CIT Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 1835285 |
6.608% |
6.500% 0.88 points $3,600 fees |
$2,023 | Learn More |
NMLS ID: 2059741 |
6.894% |
6.750% 0.88 points $4,746 fees |
$2,076 | Learn More |
NMLS ID: 401822 |
6.932% |
6.750% 0.88 points $6,000 fees |
$2,076 | Learn More |
NMLS ID: 3030 |
7.463% |
7.375% 0.88 points $2,800 fees |
$2,211 | Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
7.490 %
|
$0 |
Learn More
More Info |
Note to CIT Bank
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Branches
CIT Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
CIT Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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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. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| CIT Bank | U.S. Bank Average |
|---|---|
| 3.24% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, 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%.
Return on Equity
| CIT Bank | U.S. Bank Average |
|---|---|
| 5.13% | 12.20% |
CIT Bank has a Return on Equity of 5.13% versus the BestCashCow average of 12.20%. 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.
Capitalization
| CIT Bank | U.S. Bank Average |
|---|---|
| 12.8% | 10.76% |
CIT Bank has a Capitalization of 12.8% versus the BestCashCow average of 10.76. 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.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | N.A. |
| Interest-bearing balances | N.A. |
| Total securities | N.A. |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 14.88 billion |
| Loan loss allowance | $ 286.25 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | N.A. |
| All other assets | N.A. |
| Total Assets | N.A. |
| LIABILITIES | |
|---|---|
| Total deposits | $ 16.81 billion |
| Interest-bearing deposits | N.A. |
| Deposits held in domestic offices | N.A. |
| % insured (estimated) | 0.00% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | N.A. |
| Subordinated debt | N.A. |
| All other liabilities | N.A. |
| Total Liabilities | N.A. |
| Shareholders’ Equity | $ 21.46 billion |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | N.A. |
| Total Interest Expense | N.A. |
| Net interest income | N.A. |
| Provision for loan and lease losses | N.A. |
| Total non interest income | N.A. |
| Total non interest expense | N.A. |
| Pre-tax Net Operating Income | N.A. |
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.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 0.00 | ✓ | ||
| Multifamily Mortgages |
1.98 | ✓ | ||
| 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 | ✓ | ||
Customer Reviews for CIT Bank
Don
March 3, 2015
LOST CD INTEREST update
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...
Is this review helpful? Yes:2 / No: 0
Don
March 2, 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.
Is this review helpful? Yes:2 / No: 0
Alex Reveis
January 8, 2015
@ Martha
They are an online bank so they only have online locations. I use them and find the interface to be pretty easy.
Is this review helpful? Yes:1 / No: 0
martha calderon
January 8, 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?
M
Is this review helpful? Yes:3 / No: 2
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