NEW YORK, July 21, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Middle Market
Banking business provided $14.3
million in financing to Depot Properties LLC.
Depot Properties is the owner and operator of a large truck
servicing terminal in Laredo,
Texas, primarily occupied by TruckMovers.com, one of the
nation's leading truck shipping contract carriers.
Proceeds from the financing will be used to buy out minority
shareholders and expand or improve company facilities in
Laredo; Springfield, Missouri; and Elkhart, Indiana. In connection with the
financing, CIT is also providing a package of treasury
management and capital markets services.
"TruckMovers has an outstanding reputation for delivering trucks
from manufacturers and dealers to the fleets that need them most,"
said Steven Stuckey, regional
president for CIT's Middle Market Banking business. "We were
pleased to provide financing to support their strategic business
objectives."
Middle Market Banking, part of CIT's Commercial
Finance division, delivers a range of financial solutions to
midsize clients through a relationship banking model. The business
offers deposit solutions, loans, treasury services and other
banking products to manufacturers, distributors and a wide variety
of service industries.
About CIT
CIT is a leading national bank focused on empowering businesses and
personal savers with the financial agility to navigate their goals.
CIT Group Inc. (NYSE: CIT) is a financial holding company with over
a century of experience and operates a principal bank subsidiary,
CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's
commercial banking segment includes commercial financing, community
association banking, middle market banking, equipment and vendor
financing, factoring, railcar financing, treasury and payments
services, and capital markets and asset management. CIT's consumer
banking segment includes a national direct bank and regional branch
network. Discover more at cit.com/about.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.