CIT Provides $30 Million for School Construction and Renovation Work

Rhea-AI Summary

CIT, a division of First Citizens Bank, has announced a $30 million loan to the Saunders County Education Agency for the construction and renovation of school facilities in Wahoo, Nebraska. This financing will support a new two-story school addition and upgrades to the existing middle and high school, as the area experiences growth. Superintendent Brandon Lavaley emphasized the need for expanded facilities, while CIT's Brendan Chambers highlighted their commitment to enhancing educational opportunities.

Positive

• Provided a $30 million loan to support educational facility improvements.
• Facilitated quick project financing to meet community needs.

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• None.

NEW YORK, March 22, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Middle Market Banking business provided $30 million toward construction and enhancement of school facilities in Wahoo, Nebraska.

The borrower, Saunders County Education Agency, will use the loan to help finance construction of a new, two-story school addition, as well as associated renovations, for the existing middle school and high school facility of Wahoo Public Schools.

"Wahoo and the surrounding areas are growing and we need to expand our educational facilities to continue offering opportunities to all students," said Brandon Lavaley, Superintendent of Wahoo Public Schools, which will utilize the new facilities. "We appreciated CIT's agility in developing a financing package that would meet our objectives while allowing this project to move forward quickly and efficiently."

"It is a pleasure to support the Saunders County Education Agency and Wahoo Public Schools as they move forward to enhance the educational facilities available to the students and the community," said Brendan Chambers, managing director and group head for CIT's Middle Market Banking business.

CIT's Middle Market Banking business 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 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 the purpose of the $30 million loan provided by CIT to FCNCA?

The loan is for the construction of a new school addition and renovations at Wahoo Public Schools.

Who is the borrower of the $30 million loan from CIT?

The borrower is the Saunders County Education Agency.

What type of projects will the loan from CIT help fund?

The loan will fund a new two-story school addition and associated renovations at Wahoo Public Schools.

How does CIT support businesses like FCNCA?

CIT delivers financial solutions including loans and banking products to middle-market clients.

What was the date of the press release announcing the loan from CIT?

The press release was issued on March 22, 2022.