CIT GROUP INC. (NYSE:CIT) Files An 8-K Other Events
Item8.01. Other Events
On June 15, 2017, CIT Group Inc. (we, the Company or CIT)
announced that, to authorization on June 5, 2017 of the Companys
Board of Directors (Board), the Company has repurchased
approximately $38 million of common stock under an open market
repurchase program (OMR). The OMR began on June 9, 2017, and was
completed on June 14, 2017. The Company also announced that, on
June 15, 2017, to Board authorization on May 9, 2017, CIT entered
into an accelerated share repurchase agreement for $512 million
of CITs common stock. A copy of the press release is attached
hereto as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| 99.1 | Press release dated June 15, 2017. |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This Form 8-K contains forward-looking statements within the
meaning of applicable federal securities laws that are based upon
our current expectations and assumptions concerning future
events, which are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. The words expect, anticipate, estimate, forecast,
initiative, objective, plan, goal, project, outlook, priorities,
target, intend, evaluate, pursue, commence, seek, may, would,
could, should, believe, potential, continue, or the negative of
any of those words or similar expressions is intended to identify
forward-looking statements. All statements contained in this Form
8-K, other than statements of historical fact, including without
limitation, statements about our plans, strategies, prospects and
expectations regarding future events and our financial
performance, are forward-looking statements that involve certain
risks and uncertainties. While these statements represent our
current judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not
guarantees of any events or financial results, and our actual
results may differ materially. Important factors that could cause
our actual results to be materially different from our
expectations include, among others, the risk that CIT is
unsuccessful in implementing its strategy and business plan, the
risk that CIT is unable to react to and address key business and
regulatory issues, the risk that CIT is unable to achieve the
projected revenue growth from its new business initiatives or the
projected expense reductions from efficiency improvements, and
the risk that CIT becomes subject to liquidity constraints and
higher funding costs. We describe these and other risks that
could affect our results in Item 1A, Risk Factors, of our latest
Annual Report on Form 10-K for the year ended December 31, 2016,
which was filed with the Securities and Exchange Commission.
Accordingly, you should not place undue reliance on the
forward-looking statements contained in this Form 8-K. These
forward-looking statements speak only as of the date on which the
statements were made. CIT undertakes no obligation to update
publicly or otherwise revise any forward-looking statements,
except where expressly required by law.
About CIT GROUP INC. (NYSE:CIT)
CIT Group Inc. (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company’s segments include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. CIT products and services include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; asset-based loans; insurance services; credit protection; debt restructuring, and deposits.
