CIT Bank Agrees To Acquire Direct Capital - Quick Facts

(RTTNews) - CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc. (CIT) said it has entered into an agreement to acquire Portsmouth, New Hampshire-based Direct Capital Corporation, a provider of financing to small and mid-sized businesses. Terms of the agreement were not disclosed.

The company said the transaction will expand CIT's small business and middle market lending and equipment leasing capabilities and will allow Direct Capital's highly experienced team of professionals to offer CIT's broad range of products and services to its customers.

The company said, as part of the acquisition, Christopher Broom, Co-founder and Chairman of Direct Capital, and James Broom, Chief Executive Officer or CEO of Direct Capital, will continue to lead the business. The acquisition is expected to close in the third quarter.