CIT Provides More Than $5 Million in Financing to Construction Firm for Heavy Equipment

Rhea-AI Summary

CIT, part of First Citizens Bank, announced financing exceeding $5 million for a construction firm to acquire heavy equipment, including articulated dump trucks and excavators. This funding underscores strong demand for infrastructure construction in the Southwest and Midwest. Harold Ray, director of CIT's Equipment Finance-Industrial business, highlighted the importance of speed in execution and anticipates more financing opportunities in 2022. CIT's Equipment Finance focuses on providing solutions to various commercial clients, enhancing their operational capabilities.

Positive

• CIT provided over $5 million in financing for heavy equipment acquisition.
• The financing supports a construction firm with a focus on residential and commercial projects.
• Strong demand for infrastructure construction suggests potential growth in CIT's financing opportunities.

Negative

• None.

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that the Industrial group within its Equipment Finance business provided more than $5 million toward the acquisition of multiple pieces of heavy equipment by a large construction firm.

The 10 items of heavy equipment financed by CIT include articulated dump trucks, excavators and wheel loaders. The borrower's construction firm, which operates throughout the Southwest and Midwest, focuses on large residential developments and commercial infrastructure projects.

"Demand is strong for infrastructure construction and the heavy equipment needed to complete it," said Harold Ray, director of the Equipment Finance-Industrial business. "Speed of execution is important to us and we anticipate more opportunities to finance these kinds of equipment assets in 2022 and beyond."

CIT's Equipment Finance business works with manufacturers, distributors, resellers, dealers and systems integrators to finance their equipment, software and services to commercial customers. Its Industrial group maintains a special focus on the financing of construction and industrial equipment.

Equipment Finance 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 the amount of financing provided by CIT to the construction firm?

CIT provided over $5 million in financing for heavy equipment acquisition.

Which types of heavy equipment were financed by CIT?

CIT financed articulated dump trucks, excavators, and wheel loaders.

What sectors does the construction firm focus on?

The construction firm focuses on large residential developments and commercial infrastructure projects.

What does CIT's Equipment Finance division specialize in?

CIT's Equipment Finance division specializes in financing equipment, software, and services for commercial customers.

What are CIT's expectations for financing opportunities in 2022?

CIT anticipates more opportunities to finance heavy equipment assets in 2022 and beyond.