NEW YORK, January 20, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, announced today that the Industrial Group within its equipment financing Business provided more than 5 million dollars for the acquisition of several heavy equipment by a large construction company.
The 10 heavy equipment items funded by the CIT include articulated dump trucks, excavators and wheel loaders. The borrower’s construction company, which operates throughout the Southwest and Midwest, is focused on large residential developments and commercial infrastructure projects.
“The demand for the infrastructure construction and the heavy equipment required for it is strong,” he said Harold Ray, Director of Equipment Finance-Industrial Business. “Speed of execution is important to us and we anticipate further opportunities to fund this type of equipment in 2022 and beyond.”
CIT’s equipment financing business works with manufacturers, distributors, resellers, dealers and system integrators to finance their equipment, software and services for commercial customers. The industrial group places a special focus on the financing of construction and industrial equipment.
equipment financing is part of CIT’s Business Capital group, which supports small and medium-sized businesses by delivering device financing solutions via technology-enabled platforms and market-leading structuring expertise.
CIT is a division of First Citizens Bank, the largest family-run bank in The United States, continuing a unique legacy of strength, stability and long-term thinking that spans generations. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 US financial institution with more than 100 billion dollars in wealth. The company’s commercial banking segment provides a wide range of premium lending, leasing and banking services to mid-sized and small businesses coast-to-coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in emerging markets. Industry specialists bring in-depth expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Discover more below cit.com/firstcitizens.
John M. Moran
SOURCE CIT, a division of First Citizens Bank