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CIT Terminates Agreement With NY Fed, Announces $200MM Stock Repurchase

May 31, 2013, 07:05 AM
Filed Under: Industry News
Related: CIT Group, John Thain

CIT Group announced that it received notice from the Federal Reserve  Bank of New York (the FRBNY) that the Written Agreement, dated August 12, 2009, between CIT and the FRBNY has been terminated. To view the entire Written Agreement between CIT and the Federal Reserve Bank of NY, click here.

In a related story CIT announced that its Board of Directors approved the repurchase of up to $200 million of common stock through December 31, 2013.

“We are very pleased to announce this share repurchase plan,” said John A. Thain, Chairman and Chief Executive Officer. “The decision by our Board is reflective of the strength of our balance sheet and the significant progress that we have made at CIT.”

Management will determine the timing and amount of any share repurchases under the share repurchase authorizations based on market conditions and other considerations.

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