CIT Group Inc. announced that Bob McElyea has joined the company as managing director leading CIT’s Merchant and Card Initiative in the Treasury and Payment Services group. In this role, McElyea will lead the transformation of payment services for CIT’s clients across all segments.

“As a strong leader and experienced banker who has a unique mix of payments and deposit growth expertise, Bob is the right person to spearhead our efforts to advance our treasury and payments capabilities to grow our business,” said Jim Gifas, CIT’s head of Treasury and Payment Services. “We are focused on expanding our client relationships and delivering a more integrated set of banking solutions to small and midsized companies to help them navigate their financial goals. Treasury and payment services are a natural complement to CIT’s core commercial lending business, and we are pleased to have Bob join the team.”

McElyea joins CIT from U.S. Bank, where he has been a senior vice president and regional sales manager in the company’s Global Treasury Management group. Previously, he served as vice president at First Data Corporation, where he led the Financial Institutions Strategic Partnerships business line nationally. McElyea also worked as a senior vice president and national sales leader at Citizens Financial Group, where he was responsible for treasury management technical sales, commercial card, and merchant solutions. Before that, he held various positions in relationship banking. As a relationship banker, McElyea developed expertise in deposit rich industry segments such as homeowners associations (HOA).

He is also a veteran of the U.S. Navy, retiring after 25 years of service, where he served as a senior logistics officer, spending much of his military career with the Naval Construction Force (Seabees) and with United States Forces Korea. 

CIT's Treasury and Payment Services business offers cash management, collections, disbursements and treasury management solutions for business clients.