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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 This material may not be published, broadcast, rewritten or redistributed.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 79 146 10,368
MORTGAGES 95 202 13,529
FORECLOSURE NOTICES 19 43 2,687
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 122 10,014
BUSINESS LICENSES 21 37 3,773
UTILITY CONNECTIONS 99 248 14,805
MARRIAGE LICENSES 27 58 3,225

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