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VOL. 123 | NO. 224 | Friday, November 14, 2008

CIT Group Applies to Become Bank Holding Company

AP

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NEW YORK (AP) – CIT Group is applying to the Federal Reserve to become a bank holding company.

CIT, a commercial finance company, is also applying to receive funds as part of the government's $700 billion bank rescue program, contingent upon being granted bank holding company status by the Fed.

If it receives approval to change its status, CIT Group would join a growing list of financial firms, including Goldman Sachs, Morgan Stanley and American Express, in becoming a bank holding company, which is the structure of traditional commercial banks.

The change would allow New York-based CIT Group Inc. to create a large deposit base and provide it access to more financing programs from the government, including the $700 billion bailout package.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 43 12,074
MORTGAGES 0 78 15,834
FORECLOSURE NOTICES 39 39 3,168
BUILDING PERMITS 292 292 29,124
BANKRUPTCIES 3 100 11,771
BUSINESS LICENSES 0 18 4,292
UTILITY CONNECTIONS 0 190 17,922
MARRIAGE LICENSES 0 43 3,711

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