NEW YORK — May 26, 2021 — CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has named Todd Ping as a managing director for business development activities across the southeastern United States.

Based in Atlanta, Ping will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents a strategic expansion by the CIT Northbridge business into the Southeast, where it has not previously had a business development presence.

“We are pleased to welcome Todd to our team of alternative asset-based lenders,” said Neal Legan, who leads CIT Northbridge. “Todd is a proven financial services professional with an outstanding track record of supporting clients and developing new business opportunities. We look forward to his contributions as we continue to expand our reach and build the CIT Northbridge portfolio of asset-based loans.”

Ping brings over 25 years of experience providing financial solutions to mid-market companies across a wide array of industries. During his career, he has served in senior asset-based lending origination roles with Renasant Bank, Regions Bank and GE Capital. He holds a Bachelor of Science degree in Economics from George Mason University.

Ping is a member of the Association for Corporate Growth, the Turnaround Management Association and the Secured Finance Network.

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

About CIT

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

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MEDIA RELATIONS:

John M. Moran

212-461-5507

john.moran@cit.com