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CIT Picks Up $1.3B CRE Loan Portfolio

NEW YORK CITY-The deal for Flagstar Bank's Northeast-based commercial loan portfolio increases the Michigan lender's focus on community banking while expanding CIT's middle-market customer base.

NEW YORK CITY-CIT Group‘s commercial bank subsidiary, CIT Bank, is acquiring $1.264 billion worth of commercial loan commitments, mainly in the CRE space, from Flagstar Bank, the two companies announced late Wednesday afternoon. The total purchase price will be approximately $779 million; the deal is expected to be substantially completed during the new year’s first quarter.

Just under $800 million of the Northeast portfolio that Troy, MI-based FSB is trading to CIT is currently outstanding. The portfolio being sold to CIT consists mainly of asset-based loans, equipment leases and CRE loans. It represents a substantial portion of FSB’s Northeast-based commercial loan holdings.

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