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OneWest Bank, a division of CIT, has announced the launch of its second annual Bank on Building a Brighter Community program aimed at supporting local school children in Southern California. For every qualified checking account opened by October 15, the bank will donate three hours of virtual learning assistance. The program also offers customers a chance to earn up to $300 in checking rewards. This initiative runs from August 24 to October 15 and reinforces OneWest's commitment to community engagement and academic success for local youth.
CIT Group Inc. (NYSE: CIT) announced its role as the coordinating lead arranger for a $266 million financing of Longroad Energy's Prospero 2 solar project in Andrews County, Texas. The 331-megawatt facility adds to Longroad's portfolio, which now exceeds 1.4 gigawatts of renewable energy across the U.S. The financing underscores CIT's leadership in renewable energy lending, recognized recently with a 2020 Stevie American Business Award. The project contributes to Texas's economic growth and renewable capacity, alongside Longroad's previous solar initiatives.
CIT Group Inc. (NYSE: CIT) announced it arranged a $162 million financing for the East Blackland Solar Project in Travis County, Texas. The project, a 144-megawatt solar facility, will sell electricity to Austin Energy under a 15-year power purchase agreement. Recurrent Energy LLC, a subsidiary of Canadian Solar Inc., is the developer with plans for an additional 5 gigawatts of solar projects. CIT's involvement further solidifies its position as a top lender in renewable energy, recognized for its financing success in the sector.
CIT Group Inc. (NYSE: CIT) announced its Asset-Based Lending division acted as lead arranger for a senior secured credit facility for von Drehle Corporation, a manufacturer of paper products. The funds will refinance existing debt and support general corporate purposes.
CEO Randy Bergman highlighted the increased demand for sanitation products due to the global pandemic. CIT aims to lower funding costs and operational risks while enhancing client earnings through innovative lending structures.
CIT Group Inc. (NYSE: CIT) announced it acted as the sole lead arranger for a $28 million refinancing for Valloeby Shipping Ltd., a returning customer. This refinancing replaces a prior agreement from May 2015 and is secured by eight carriers. CIT's Maritime Finance division is focused on providing customized secured loan solutions to vessel owners globally. Evan Cohen from CIT highlighted Valloeby's operational skills and the collaborative success in achieving financing that aligns with their business objectives.
On Aug. 10, 2020, CIT Group Inc. (CIT) announced a donation to the Musical Arts Institute (MAI) to establish a computer lab aimed at enhancing music education in Chicago's underserved areas. The contribution includes five Apple iMac computers equipped with Logic Pro X software, facilitating music creation and theory learning for students. MAI annually serves 2,500 students, preparing them for college scholarships and careers in music. This donation is part of CIT's Acts of Caring initiative, designed to support community needs identified through customer nominations.
CIT Group Inc. (NYSE: CIT) announced the arrangement of approximately $185 million in financing for a 66-megawatt solar portfolio on behalf of Clearway Energy Group, a leading clean energy developer. This portfolio includes 19 projects across Massachusetts, Illinois, and New York. Earlier this year, CIT also arranged $200 million for another Clearway solar project. CIT's Power and Energy division, recognized among the top renewable energy lenders, continues to support the growth of solar power generation in the U.S. with comprehensive financing solutions.
CIT Group Inc. (CIT) announced a donation to the Tarzana Community and Cultural Center (TCCC) to fund a greenhouse construction in the Children's Teaching Garden, initiated by a customer of OneWest Bank. This project aims to teach environmental sustainability to young community members. Construction is set to begin this summer, aligning with TCCC's goal to foster community engagement. CIT's Acts of Caring initiative facilitated this donation, part of a broader effort where employees engaged in various community support activities.
CIT Group Inc. (CIT) has donated funds to furnish ten temporary housing apartments for Upward Bound House, an organization dedicated to combating family homelessness in Los Angeles. This initiative, part of CIT's Acts of Caring program, aligns with customer-led suggestions from CIT's Southern California bank. Upward Bound House has transitioned 1,911 families from homelessness to permanent housing since 1991, emphasizing support and advocacy. The donation ensures families have essential items, helping them feel comfortable as they move towards permanent housing.
CIT Group Inc. announced a donation to A New Way of Life Reentry Project to convert a convent into safe housing for formerly incarcerated women in Los Angeles. The project, part of CIT's Acts of Caring initiative, aims to address community needs identified by OneWest Bank. Expected to open in mid-August, this facility will provide 4,500 square feet of living space, supporting women in their reentry to society. Since 1998, the organization has helped over 1,200 women and children.
