PreferredStockChannel
CIT Group Inc (New) | 5.625% Non-Cumulative Perpetual Preferred Stock, Series B (CIT.PRB)

Prospectus excerpt:  We are offering 8,000,000 shares of our 5.625% Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share, with a liquidation preference of $25 per share, which we refer to as the Series B Preferred Stock. We will pay dividends on the Series B Preferred Stock only when, as, and if declared by our board of directors or a duly authorized committee of our board and to the extent that we have lawfully available funds to pay dividends. Dividends on the Series B Preferred Stock will accrue at a rate of 5.625% per annum and be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2020. Payment of dividends on the Series B Preferred Stock is subject to certain legal, regulatory and other restrictions as described elsewhere in this prospectus supplement. Dividends on the Series B Preferred Stock will not be cumulative. If our board of directors or a duly authorized committee of our board does not declare a dividend on the Series B Preferred Stock in respect of a dividend period, then no dividend shall be deemed to have accrued for such dividend period, be payable on the applicable dividend payment date, or be cumulative, and we will have no obligation to pay any dividend for that dividend period, whether or not our board of directors or a duly authorized committee of our board declares a dividend on the Series B Preferred Stock for any future dividend period.

Full Prospectus PDF », CIT Page »

Series:B
Alternate symbology:CIT-B, CIT-PB, CITprB
Redeemable?:Yes
Call Date:12/15/2024
Perpetual?:Yes
Cumulative?:No
Shares Offered:8,000,000
Liquidation Preference:$25
Original Coupon:5.63%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
CDx3 Compliance Rating: Learn CIT.PRB's Rating
CIT Group is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides financing, leasing and advisory services principally to middle-market companies in a range of industries, primarily in North America. Co. also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, N.A. Co. manages its business in two operating segments: Commercial Banking, which provides a range of lending, leasing and deposit products, as well as ancillary products; and Consumer Banking, which is comprised of two divisions: Consumer and Community Banking and Legacy Consumer Mortgages.

Preferred: CIT.PRB


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Name: 
CIT Group Inc (New)
Website: 
www.cit.com
Sector: 
Banking & Savings
Number of ETFs Holding CIT: 
1 (see which ones)
Total Market Value Held by ETFs: 
$72,376.2
Total Market Capitalization: 
$5,114,000,000
% of Market Cap. Held by ETFs: 
0.00%

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