CIT Appoints John C. Erickson President of Consumer Banking and President, California
April 25 2016 - 08:30AM
Business Wire
Banking Veteran to Lead Growth Initiatives
in California
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced the
appointment of John C. Erickson (54) as President of Consumer
Banking and President, California, effective immediately. He will
serve on the company’s Executive Management Committee and report
directly to Chief Executive Officer Ellen Alemany. Erickson will be
based in CIT Bank’s headquarters in Pasadena, California.
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CIT APPOINTS JOHN C. ERICKSON PRESIDENT
OF CONSUMER BANKING AND PRESIDENT, CALIFORNIA; Banking Veteran to
Lead Growth Initiatives in California (Photo: Business Wire)
“We are excited to have someone of John’s caliber join CIT’s
management team and to lead the growth efforts for our banking
group. He is a well-respected executive with more than 30 years of
experience growing and expanding a regional bank in California,”
said Alemany. “John will be instrumental in driving profitable
growth and supporting our team’s broader efforts to expand in key
areas such as commercial banking products and depository offerings.
He’ll also help us foster support for our activities related to the
Community Reinvestment Act and meeting the credit needs of the
communities and neighborhoods we serve. I look forward to working
with John and our management team on executing our strategic
initiatives.”
Commenting on his appointment, Erickson added, “I am very
pleased to have the opportunity to work with Ellen and the CIT
team, and it is especially nice to continue to be located in
Southern California as I have been for my entire career. I look
forward to supporting CIT’s strategic plan to create a leading
national middle market bank and to partnering with our surrounding
communities.”
John C. Erickson – Biography
John C. Erickson is joining CIT Group as President of Consumer
Banking and President, California. Erickson comes to CIT following
his retirement in 2014 after a 31-year career at Union Bank.
Erickson’s two most recent operating roles were as Vice Chairman,
having acted as Chief Corporate Banking Officer from 2009 to 2013
and as Chief Risk Officer from 2007 to 2009. As Chief Corporate
Banking Officer, he was responsible for managing a diverse group of
units including treasury management, wealth management, commercial
banking, real estate, and capital markets which comprised over 80%
of Union Bank’s income. In this role he was a member of Union
Bank’s Executive Management Committee and a member of the
Mitsubishi UFJ Financial Group U.S. Management Committee.
Prior to this role, in 2007 Erickson was appointed Vice Chairman
and Chief Risk Officer to provide risk leadership through the
financial crisis. He was responsible for enterprise-wide risk
management and addressing certain key regulatory issues.
Previously, he was named Executive Vice President, Commercial
Banking and Wealth Management in 2003 and prior to that, Executive
Vice President, National Banking in 2001. Erickson joined Union
Bank in 1983 as part of its Management Training Program.
After his retirement from Union Bank in 2014, he joined the
board of Zions Bancorporation where he served as Chair of the Risk
Oversight Committee and as a member of the Audit Committee.
Active in the community, Erickson has served on several other
boards, including The Music Center, The Living Desert, and
UnionBanCal Equities. He earned a BA in Economics and an MBA in
Finance from the University of Southern California.
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About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle-market companies across a wide variety of
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Vice
President, Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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