CIT Bank is owned by Customers Bancorp, a publicly traded holding company based in Pennsylvania

CIT Bank operates as a subsidiary of Customers Bancorp, Inc., which trades on the New York Stock Exchange under the ticker CBNK. Customers Bancorp acquired CIT Bank in 2015 when it purchased the assets and deposits of the former CIT Group's banking operations. The parent company is regulated by the Federal Reserve and the Office of the Comptroller of the Currency (OCC), which means CIT Bank itself is a federally chartered bank subject to the same deposit insurance and regulatory oversight as any other national bank.

CIT Bank operates primarily as an online bank, offering deposit products like savings accounts, money market accounts, and certificates of deposit (CDs). It does not maintain physical branch locations. The bank is headquartered in Salt Lake City, Utah, though its parent company Customers Bancorp is based in Wyomissing, Pennsylvania. Because CIT Bank is a subsidiary of a larger holding company, decisions about products, rates, and policies flow through Customers Bancorp's leadership and board of directors.

Key Takeaways

  • Customers Bancorp, a publicly traded company, owns CIT Bank and is responsible for its operations and regulatory compliance.
  • CIT Bank is a federally chartered bank insured by the FDIC, so your deposits are protected up to $250,000 per account category, regardless of who owns the parent company.
  • The Federal Reserve and the Office of the Comptroller of the Currency regulate CIT Bank directly, not just its parent company.
  • CIT Bank operates as an online-only bank with no physical branches, a business model set by Customers Bancorp's strategy.

How ownership affects your account safety and insurance

The fact that CIT Bank is owned by Customers Bancorp does not change your deposit insurance coverage. Your money in a CIT Bank savings account, money market account, or CD is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per account category, per bank. The FDIC insurance applies because CIT Bank itself holds the FDIC charter — not because of who owns it.

What matters for insurance purposes is that CIT Bank is a separate legal entity with its own FDIC certificate number (6271). If Customers Bancorp owned multiple banks, each one would have its own FDIC insurance limit. Your $250,000 limit at CIT Bank is separate from any limit you might have at another bank, even if that bank were also owned by Customers Bancorp. The ownership structure does not reduce or change this protection.

Regulatory oversight and what it means for account holders

CIT Bank, as a federally chartered national bank, is examined and regulated by the Office of the Comptroller of the Currency (OCC). The OCC conducts regular audits of the bank's operations, capital levels, and risk management. Customers Bancorp, as the holding company, is regulated by the Federal Reserve. This two-layer oversight — one agency watching the bank itself, another watching the parent company — is standard for subsidiary banks and exists to protect depositors.

If CIT Bank were to fail, the FDIC would step in to protect your deposits, just as it would for any other failed bank. The fact that it is owned by a larger company does not change this process. The FDIC maintains a separate insurance fund for each bank and would pay out covered deposits from CIT Bank's portion of that fund.

Why Customers Bancorp acquired CIT Bank

Customers Bancorp purchased CIT Bank's operations in 2015 as part of a broader strategy to expand its deposit base and online banking presence. At that time, CIT Bank was part of CIT Group, a finance company that had struggled during the 2008 financial crisis. Customers Bancorp saw an opportunity to acquire a bank with an established customer base and online infrastructure, which allowed it to grow without building a new bank from scratch.

The acquisition gave Customers Bancorp a platform to offer high-yield savings accounts and other deposit products to customers across the country without the cost of maintaining physical branches. For customers, this ownership structure means CIT Bank's rates and products are set by a larger, publicly traded company with access to capital markets and institutional funding — which can support competitive rates but also means decisions are made at the corporate level rather than locally.

Public company ownership and transparency

Because Customers Bancorp is publicly traded, its financial statements, regulatory filings, and board decisions are public record. You can review Customers Bancorp's quarterly earnings reports, annual 10-K filings with the Securities and Exchange Commission (SEC), and regulatory capital reports. This transparency means you can research the financial health of CIT Bank's parent company if you want to understand the stability behind your bank.

Customers Bancorp's stock price and financial performance do not directly affect your FDIC insurance, but they do reflect the company's overall health. A strong parent company typically means stable operations, ongoing investment in technology and customer service, and lower risk of operational disruption. You can find Customers Bancorp's SEC filings on the SEC's EDGAR database or on the company's investor relations website.

How ownership changes could affect you

If Customers Bancorp were to sell CIT Bank to another company, your account would transfer to the new owner. The FDIC insurance would remain in place, and your account balances would not change. However, the new owner might change interest rates, fees, or product offerings. Banks are required to notify customers of any material changes to account terms, and you would have the right to close your account and move your money if you disagreed with the changes.

Mergers and acquisitions in banking happen regularly. The key point is that your deposits are protected by federal insurance regardless of who owns the bank, and you have the right to move your money if ownership changes lead to terms you do not accept.

Frequently Asked Questions

Is my money safe at CIT Bank because it is owned by a larger company?

Your money is safe because CIT Bank is FDIC-insured, not because of its ownership structure. The FDIC insurance of up to $250,000 per account category applies to all federally chartered banks, regardless of who owns them. Customers Bancorp's ownership does not add to or subtract from this protection.

Can Customers Bancorp take my money from CIT Bank?

No. CIT Bank is a separate legal entity with its own deposits and assets. Customers Bancorp cannot access customer deposits at CIT Bank to pay its own debts or obligations. The bank's deposits are held in trust for customers and are protected by federal law and FDIC insurance.

What happens to my account if Customers Bancorp goes bankrupt?

Your FDIC-insured deposits at CIT Bank would remain protected. The FDIC insurance is backed by the federal government, not by Customers Bancorp's financial condition. Even if the parent company failed, your account would be unaffected as long as your balance is within the $250,000 limit per account category.

Where can I find information about Customers Bancorp's financial health?

Customers Bancorp files quarterly and annual reports with the Securities and Exchange Commission (SEC). You can search these filings on the SEC's EDGAR database at sec.gov. The company also publishes earnings announcements and investor presentations on its own website.

Could CIT Bank be sold to another company?

Yes, Customers Bancorp could sell CIT Bank to another bank or financial company. If this happened, your account would transfer to the new owner, and FDIC insurance would continue to explore. You would be notified of any material changes to account terms and would have the right to close your account and move your money.