CIT Acquires Assets of Receivables Capital Management, A Division of SunTrust Bank

NEW YORK and ATLANTA – CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, and SunTrust Banks, Inc. (NYSE: STI), today announced that CIT has acquired substantially all of the factoring assets of Receivables Capital Management (RCM), a division of SunTrust. The acquired gross receivables approximate $867 million with acquired net assets of approximately $238 million. Terms of the deal were not disclosed.

“This transaction is consistent with CIT’s strategy to pursue growth opportunities that have synergies with core business lines and meet our return on equity targets,” said Jeffrey M. Peek, CIT’s Chairman & Chief Executive Officer. “RCM is an attractive consolidation opportunity that complements our commercial finance portfolio enabling us to diversify our client base and cultivate new relationships.”

SunTrust noted that the transaction “is consistent with SunTrust’s strategic, business and financial priorities.”

CIT, through its Commercial Services business, is one of the United States’ leading providers of factoring, accounts receivable management, credit protection, and lending services. The company specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other industries that sell into retail channels of distribution.

RCM is a leading provider of receivables solutions with extensive experience working with companies in a broad range of industries including apparel, textiles and home furnishings.