CIT files for bankruptcy; Utah-based bank not included

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SALT LAKE CITY -- CIT Group Inc., a big lender to close to a million small and midsize businesses across the country, filed for bankruptcy protection Sunday -- but its Utah subsidiary will not be impacted by the filing.

The company filed for Chapter 11 protection in a New York court in an effort to restructure its debt while trying to keep loans flowing.

The company said in a statement that its Utah-based CIT Bank was not included in the filing and will continue to operate as normal. The bank is based in Sugar House at 2180 S. 1300 East.

The bankruptcy filing was a blow for the U.S. government, which invested more than $2 billion in CIT in December through the Troubled Asset Relief Program.

The government will likely lose most of it.

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