NEW YORK, Aug. 28, 2017 /PRNewswire/ -- CIT Bank, the banking subsidiary of CIT Group Inc. (NYSE: CIT), today appointed Penny Fine as managing director to lead Business Development for CIT Northbridge Credit LLC (CIT Northbridge), effective immediately. In this role, Fine will be responsible for driving the origination efforts for a broad range of flexible asset-based debt solutions focused on middle-market companies. She will report to group head, Neal Legan.
"We're pleased to have someone of Fine's caliber joining our team, particularly given her extensive experience in asset-based loan origination," said Legan. "Her proficiency in structuring asset-based revolving lines of credit will be valuable as we continue to offer our clients revolving and term loan commitments tailored to middle-market companies."
Prior to joining the CIT Northbridge team, Fine was business development officer at Huntington Business Credit, a division of The Huntington National Bank where she focused on asset-based loan origination. Previously, Fine was Midwest region head for Chase Business Credit, a division of JPMorgan Chase where she also focused on asset-based loan origination. Before JPMorgan Chase, she was an executive director of Restructuring Services at Capstone Advisory Group consulting on solutions for lenders and investors in distressed situations. From 2005-2008, Fine served as executive vice president and head of the National Restructuring Group at CIT.
CIT Northbridge Credit LLC is a trusted financial partner with knowledge and expertise delivering a broad range of flexible asset-based debt solutions to support middle-market companies. CIT Northbridge Credit is a joint venture between CIT Bank, the banking subsidiary of CIT Group Inc. (NYSE: CIT), and Allstate as part of its investment portfolio. The joint venture will provide revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and will serve primarily as sole lender, agent, club participant or co-lender. The partnership leverages CIT's strong brand, extensive experience and competency in providing higher yielding asset-based loans and Allstate Investments' expertise and capital.
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Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com.
About Allstate and the Investments Team
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance. Its investments team manages over $80 billion of the Allstate companies' investments and has decades of experience pursuing strategies in a broad array of asset classes and geographies in both the public and private markets. For more information on the company's investments focus, visit www.allstateinvestments.com.
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SOURCE CIT Group Inc.