(CIT story updated with additional analyst commentary on CIT's emergence from bankruptcy.)

NEW YORK ( TheStreet) -- CIT ( CIT) is surging on its first day of trading after emerging from bankruptcy protection.

Shares of the lender are spiking 10% to $28.05, after opening at $25.50.

CIT pulled out of bankruptcy in just six weeks. The company was forced into bankruptcy on Nov. 1 after it failed to raise enough cash to repay its debt.

Few financial companies have been able to emerge from bankruptcy, especially as quickly as CIT has. This is a big positive, says Randy Marshall, founding managing director at Protiviti, a global consulting and internal auditing firm.

"Once you have a brand that goes into bankruptcy, history shows that's usually it," he says. "It is significant that CIT has even gotten to this stage, which makes me optimistic.

Still, CIT faces some challenges. "It is a tough market to come back into, and their relationship with their customers will surely be a struggle," says Michael Gallo, partner at law firm DeCotiis, FitzPatrick, Cole & Wisler, and head of the Banking Law practice group.

If you liked this article you might like

Bank of America Just Topped Warren Buffett's Dividend Benchmark

Bank On It: Biggest U.S. Lenders Pass Fed's Stress Tests

5 Things You Must Know Before the Market Opens Friday

Wall Street's Biggest Banks Score High on First Round of Stress Tests

Here's How to Play New Fed Stress Tests on the 34 Biggest U.S. Banks