CIT Provides Financing for Medical Transport Helicopters

Rhea-AI Summary

CIT, part of First Citizens Bank, has announced financing for seven leased helicopters managed by Thora Capital, facilitating emergency medical transport services through Apollo Medflight. These helicopters are crucial for transporting patients to medical facilities across six states. Thora Capital, recognized for its expertise in helicopter assets, collaborated with CIT to form a tailored financing package. CIT's Aerospace, Defense & Government Services group is dedicated to providing integrated financial solutions in specialized markets. The parent company, First Citizens BancShares (NASDAQ: FCNCA), boasts over $100 billion in assets.

Positive

• Financing provided for seven leased helicopters enhances emergency medical transport capabilities.
• Collaboration with Thora Capital highlights CIT's expertise and customer-focused service in specialized sectors.

Negative

• None.

NEW YORK, Jan. 12, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Aerospace, Defense and Government business provided financing for seven leased helicopters managed by Thora Capital.

The helicopters, used for emergency medical transport services, are on long-term lease to Apollo Medflight, which provides emergency transport services on behalf of regional and community hospitals in six midwestern and southern states.

"The helicopters play a critical role in quickly and effectively transporting sick and injured patients to medical facilities with specific capabilities to treat their conditions," said Russell Christopher, Managing Director at Thora Capital. "We were pleased to leverage CIT's industry knowledge and expertise in this specialized sector to finance these assets."

"Thora Capital is well known throughout the industry as an experienced investor in helicopters and other specialized transportation assets," said John Heskin, managing director and group head for CIT's Aerospace, Defense and Government business. "We worked closely with them to understand their objectives and develop the right financing package to meet their needs."

CIT's Aerospace, Defense & Government Services group, part of the Commercial Finance division, provides integrated financial solutions for manufacturers, suppliers and service providers in the aerospace, defense, homeland security and government services markets.

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.

About Thora Capital
Thora Capital, LLC is an alternative asset manager dedicated to aviation finance. Its private equity vehicles focus on helicopter assets, with opportunistic capital deployment into fixed-wing and related financial instruments. Thora Capital combines a passion for research, data analysis and portfolio management seeking to maximize risk-adjusted returns for its investors.  

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financial service did CIT provide for Apollo Medflight?

CIT provided financing for seven leased helicopters used for emergency medical transport services.

Who is Thora Capital and what role did they play?

Thora Capital is an alternative asset manager that managed the financing of seven helicopters for medical transportation.

How does CIT's financing impact emergency medical services?

CIT's financing allows Apollo Medflight to operate helicopters critical for quickly transporting patients to healthcare facilities.

What markets does CIT's Aerospace, Defense & Government Services group serve?

CIT's group serves manufacturers, suppliers, and service providers in aerospace, defense, homeland security, and government services.

What is the asset size of First Citizens BancShares, Inc.?

First Citizens BancShares, Inc. has over $100 billion in assets.