CIT Appoints Robert C. Rowe Chief Credit Officer

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced the appointment of Robert C. Rowe (49) as Executive Vice President, Chief Credit Officer effective June 2, 2010.

Rowe’s primary responsibilities will include overseeing the transaction approval process across CIT’s four operating segments, setting credit policy and overseeing the Company’s workout/special assets function. He will also ensure the regular review, adherence to, and effective communication of credit policy and procedures across all levels of CIT.

Rowe most recently served as Senior Credit Officer – Commercial Banking of FirstMerit Bank. He previously served as Chief Credit Officer of National City Bank after spending 20 years in various roles of increasing responsibility in their Corporate Banking and Credit departments. While at National City he also served as Division Head of the Equity Sponsor Group and had transaction approval responsibility for various segments that included Leveraged Finance and Asset Based Lending. Before National City, he served as Account Officer and Assistant Treasurer of Irving Trust (now Bank of New York Mellon).

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About CIT

Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank holding company with approximately $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com