CIT Bank

2150 South 1300 East, Suite 400
Salt Lake City, UT 84106


2018 Overview

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

Deposit Rates - October 15, 2018

Your Current Location: Virginia, VA 20146

Online Only CD Rates of CIT Bank

Online CD Rates APY MIN MAX
11 Month No Penalty CD
2.05% $1,000 - Learn MoreShow Less
There are currently no rates available for Cit Bank, but see these great savings and CD rates:

Advertiser Disclosure

Bank Online Offers

CIT Has New Savings Rate for Accounts over $25,000
Oct 5, 2018

CIT has raised its online savings rate to 2.15% today.  The new rate is a savings account rate whereas existing customers are in a money market account.   Those customers with a money market account with over $25,000 may be able to convert to the higher rate.

Loan Rates - October 15, 2018

Your Current Location: Virginia, VA 20146

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 - Virginia 30 Year Fixed Mortgage Rates 2018

Lender APR Rate (%) Points Fees Monthly
Learn More NMLS#2890
NMLS ID: 2890
License#: MC-3098
4.565% 4.500% 0.38 $2,007 $1,267 Learn More
Rocket Mortgage
NMLS ID: 3030
5.125% 5.125% 0.00 $0 $1,362 Learn More
J.G. Wentworth Home Lending, LLC
NMLS ID: 2925
License#: MC-1875
4.750% 4.750% 0.00 $0 $1,305 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2018

Lender Rate (%) Monthly Payment Learn More
Third Federal Savings & Loan Assoc. of Cleveland 4.240% $245.68 Learn More
Flagstar Bank 5.490% $283.58 Learn More

Note to CIT Bank
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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.

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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. All banks listed on 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% 7.92%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s 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 June 30, 2018, 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% 9.77%

CIT Bank has a Return on Equity of 5.13% versus the BestCashCow average of 9.77%. 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% 12.31%

CIT Bank has a Capitalization of 12.8% versus the BestCashCow average of 12.31. 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

June 30, 2018
Cash & Balances due from depository institutions $0.00 billion
Interest-bearing balances $0.00 billion
Total securities $0.00 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $14.88 billion
Loan loss allowance $0.29 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.00 billion
All other assets $0.00 billion
     Total Assets $0.00 billion
Total deposits $16.81 billion
      Interest-bearing deposits $0.00 billion
      Deposits held in domestic offices $0.00 billion
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements $0.00 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.00 billion
Subordinated debt $0.00 billion
All other liabilities $0.00 billion
      Total Liabilities $0.00 billion
      Shareholders’ Equity $21.46 billion

Summary Income Statement

June 30, 2018
Total Interest Income $0.00 billion
Total Interest Expense $0.00 billion
Net interest income $0.00 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.00 billion
Total non interest expense $0.00 billion
Pre-tax Net Operating Income $0.00 billion

Frequently Asked Questions About Cit Bank

Branches and Savings

Is Cit Bank FDIC insured?

Yes. It is covered under FDIC Certificate #35575.

Why does Cit Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Cit Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Cit Bank a commercial bank?


Where are Cit Bank locations?

See branch locations nearby.

Is Cit Bank open on Saturdays?

Is Cit Bank open on Sundays?

What time does Cit Bank open?

What time does Cit Bank close?

Are Cit Bank ATMs Open 24/7?

Do Cit Bank ATMs accept cash deposits?

Can Cit Bank customers use other ATMs?

Do Cit Bank branches have notaries?

Will Cit Bank notarize my document?

What address for Cit Bank should I put for incoming ACH transfers?

Will the Cit Bank branch print checks?

Do Cit Bank checks expire?

Does Cit Bank require US citizenship to open account?

Can Cit Bank close my account?

Does Cit Bank Report to credit bureaus?

Does Cit Bank Use Equifax?

What is Cit Bank's ACH Routing Number?

What is Cit Bank's SWIFT code?


Does Cit Bank offer mortgages?

Compare mortgage rates here.

Does Cit Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Cit Bank offer personal loans?

Compare personal loan rates here.

Does Cit Bank offer student loans?

Will Cit Bank cash a check?

Will Cit Bank redeem a savings bond?

Does Cit Bank cash savings bonds?

Will Cit Bank cash money orders?

Can Cit Bank issue a money order?

Does Cit Bank do currency exchange?

Background on The Bank

Who owns Cit Bank?

How long has Cit Bank been around?

Can Cit Bank transfer to other banks?

Does Cit Bank have quick pay?

Does Cit Bank accept rolled coins?

Will Cit Bank accept loose change?

Where is Cit Bank headquarters?

Customer Reviews for CIT Bank

  • Don

    March 03, 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.

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