CIT Bank completes acquisition of Direct Capital Corporation
04 August 2014
CIT Bank, the US commercial bank subsidiary of CIT Group Inc, today announced that it has completed the acquisition of Portsmouth, New Hampshire-based Direct Capital Corporation, a provider of financing to small and mid-sized businesses.
The transaction will expand CIT's small business and middle market lending and equipment leasing capabilities and will allow Direct Capital's highly experienced team of professionals to offer CIT's broad range of products and services to its customers.
As part of the acquisition, Christopher J Broom, co-founder and chairman of Direct Capital, and chief executive officer James P Broom will continue to lead the business.
''We are very pleased to complete this acquisition as it will further expand our small business and middle market lending and leasing capabilities,'' said Nelson J Chai, president of CIT Group Inc and chairman and CEO of CIT Bank. ''Direct Capital is known for its market-leading customer service and proprietary online lending platform, and we look forward to working together to enhance our competitive position and returns.''
Since its founding in 1993, Direct Capital has provided more than 80,000 small and mid-sized businesses with over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses.
Direct Capital has assets of approximately $500 million and employs 250 individuals. In 2013, it was named to the Inc 500/5000 and Monitor 100 lists of top growth companies.