Today, citing “unusual and exigent circumstances affecting the financial markets,” the Federal Reserve issued an expedited approval of CIT Group’s application to become a bank holding company by means of the conversion of CIT Bank, a Utah industrial bank, into a Utah state bank. CIT Group’s Chairman and CEO Jeffrey M. Peek stated, “Bank holding company status is expected to provide us increased access to funding and a new platform from which we will serve our middle market and small business clients. We believe this step should ultimately enhance the value of our franchise.” CIT Group has total consolidated assets of $80.8 billion. CIT Group applied for bank holding company status last month in order to qualify for funds under the Treasury’s Capital Purchase Program before the November 14, 2008 deadline for public company applicants.