CIT Appoints Steve Solk President of Consumer Banking
November 30 2016 - 8:30AM
Business Wire
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today appointed Steve Solk
as President of CIT Consumer Banking and President, California,
effective immediately. This is in addition to his current
responsibilities as President of CIT Business Capital and as a
member of CIT Group’s Executive Management Committee. Solk will be
based in Pasadena, California, and will continue to report directly
to Chief Executive Officer Ellen Alemany.
“Steve is a catalyst and a leader who brings deep experience and
expertise to our organization,” said Alemany. “As head of CIT
Business Capital, he’s been instrumental in helping expand our
specialty lending and leasing businesses across the strong
technology-enabled platform we acquired through Direct Capital. The
decision to have Steve run our Consumer Banking group will help to
align our businesses, realize efficiencies and further streamline
our operations.”
Commenting on his added responsibilities, Solk said, “Having the
opportunity to run CIT Business Capital for the past year, I’m
excited by the prospect to further leverage our OneWest Bank
platform across the enterprise as we continue to execute our
strategic priorities.”
Solk succeeds John Erickson, who previously decided to step
down. “I want to thank John for his leadership over the past year
and for agreeing to stay on as a strategic advisor until year-end,”
said Alemany.
Steve Solk – Biography
In addition to his new role as President of CIT Consumer Banking
and President, California, Steve Solk is President of CIT Business
Capital and is responsible for CIT’s Direct Capital, Capital
Equipment Finance, Equipment Finance, and Commercial Services
businesses.
Previously, Solk was an executive vice president of Commercial
Finance at RBS Citizens Bank and a member of Citizens’ Executive
Leadership Group. In this role, he was responsible for executing
growth strategies for four commercial banking specialty businesses,
which included Franchise Finance, Business Capital, Asset Finance
and Commercial Real Estate. Prior to RBS, Solk was responsible for
retail banking and consumer and commercial lending for Commerce
Bank of Harrisburg. Additionally, Solk served in several executive
roles in the financial sector, including more than 20 years at
Citibank where, he managed multiple lending and leasing specialty
businesses and attained leading market positions in core target
markets. Solk began his career at Bank of America, where he
underwrote and managed corporate relationships.
Solk earned a BA in Finance from Arizona State University.
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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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version on businesswire.com: http://www.businesswire.com/news/home/20161130005686/en/
CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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