CIT Provides $14.3 Million Financing to Depot Properties LLC

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced the provision of $14.3 million in financing to Depot Properties LLC, which operates a truck servicing terminal in Laredo, Texas. The funds will be used to buy out minority shareholders and enhance facilities in Laredo, Springfield, Missouri, and Elkhart, Indiana. This transaction includes treasury management and capital markets services. Steven Stuckey, CIT's regional president for Middle Market Banking, highlighted TruckMovers.com’s reputation in the industry. CIT's Middle Market Banking caters to midsize clients with various financial solutions.

Positive

• CIT provided $14.3 million in financing, enhancing liquidity.
• Funding to improve facilities in multiple locations.
• CIT's support aligns with strategic business objectives of Depot Properties.

Negative

• None.

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.

FAQ

What was the financing amount provided by CIT to Depot Properties LLC?

CIT provided $14.3 million in financing to Depot Properties LLC.

What will the financing from CIT be used for?

The financing will be used to buy out minority shareholders and to expand or improve facilities in Laredo, Springfield, Missouri, and Elkhart, Indiana.

What is the significance of CIT's financing for Depot Properties?

CIT's financing supports Depot Properties in achieving strategic business objectives and enhancing operational capabilities.

Which company's reputation was highlighted in the CIT press release?

TruckMovers.com was highlighted for its outstanding reputation in the truck shipping industry.