CIT Bank, a wholly owned subsidiary of CIT Group Inc. announced that it has closed a $1 billion committed U.S. Vendor Finance conduit facility (Facility) with Barclays Bank PLC as Administrative Agent and three additional banks as committed lenders. The Facility provides an additional source of funding for CIT Bank’s U.S. Vendor Finance assets.

The private Facility will allow the U.S. Vendor Finance business to fund both existing assets and new originations within CIT Bank. The revolving period of the Facility expires in June 2014 with a final maturity in 2021.

Founded in 2000, CIT Bank (Member FDIC) is a wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of March 31, 2012, it had $6.7 billion of deposits and $9.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. BankOnCIT.com

CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs. cit.com/vendorfinance