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CIT Stops Dividends

Small business lender CIT Group Inc. recently announced that it will suspend dividend payments on some of its stock to improve liquidity, preserve capital and thwart bankruptcy.

By Michelle A. Samaad | Updated on August 18, 2009

Small business lender CIT Group Inc. recently announced that it will suspend dividend payments on some of its stock to improve liquidity, preserve capital and thwart bankruptcy.

The suspended dividends are for the company’s four series of preferred stock. Payments on the company’s equity units are not affected, CIT said. The company has also received the final $1 billion in a $3 billion credit agreement, with a “substantial” amount to be used to support its small business and middle market customers, CIT said in an Aug. 7 statement.

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