CIT Launches New Golf & Turf Equipment Leasing and Financing Vertical

Rhea-AI Summary

CIT, a division of First Citizens Bank, has launched a new lending and leasing vertical aimed at financing fleet golf cars, turf equipment, and utility vehicles. This initiative will be led by Shawn Foy, an industry veteran with over 20 years of experience. The new Golf & Turf finance team is expected to capitalize on CIT's lending expertise and the relationships gained from its merger with First Citizens. This move positions CIT to expand its customer base and enhance its service offerings in equipment financing.

Positive

• Launch of a new lending and leasing vertical focused on golf and turf equipment.
• Experienced leadership under Shawn Foy, enhancing credibility in the market.
• Potential to expand customer base due to CIT's merger with First Citizens.

Negative

• None.

NEW YORK, March 24, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that it is launching a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.

Golf & Turf is part of CIT's Business Capital group, which is already a national leader in equipment financing solutions for small and mid-size businesses across a wide range of market sectors, including technology, office imaging, printing, construction, industrial and many others.

Leading the new vertical is Shawn Foy, a veteran banker with more than 20 years of experience, including 14 years devoted exclusively to golf financing. He will be joined by other team members experienced in financing and underwriting golf- and turf-related equipment.

"With the creation of this new Golf & Turf finance team, we see an attractive opportunity to leverage CIT's longstanding lending and leasing expertise to support a whole new array of prospective customers," said Mike Jones, president of CIT's Business Capital group. "Also, CIT's recent merger with First Citizens makes us stronger and brings additional relationships that will help us provide more products to this market and better support its equipment financing needs."

"Shawn Foy is well-known and respected throughout the industry for his expertise and customer-centric approach," said Ken Martin, managing director of Business Capital. "We are pleased to welcome him and the rest of his Golf & Turf team and look forward to their efforts in helping grow our business by introducing our lending and leasing solutions to a new range of vendors and clients."

The Golf & Turf finance team is part of CIT's Business Capital group, which empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market-leading structuring expertise.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
John.Moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is CIT's new lending and leasing vertical about?

CIT has launched a new lending and leasing vertical focused on financing fleet golf cars, turf equipment, and utility vehicles.

Who is leading the new Golf & Turf finance team at CIT?

The new Golf & Turf finance team is led by Shawn Foy, a banker with over 20 years of experience.

What opportunities does CIT see in the Golf & Turf market?

CIT aims to leverage its lending expertise and the relationships from its merger with First Citizens to support new customers in the Golf & Turf sector.

When was the new vertical launched by CIT?

The new lending and leasing vertical was announced on March 24, 2022.

What are the benefits of CIT's merger with First Citizens for the new vertical?

The merger enhances CIT's capabilities to provide more products and better support to its equipment financing needs in the Golf & Turf market.