PR Newswire | Oct 19, 2021 09:03AM EDT

10/19 08:00 CDT

CIT Provides Financing for Heavy Equipment Acquisition NEW YORK, Oct. 19, 2021

NEW YORK, Oct. 19, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that the Industrial group within its Equipment Finance business has provided about $4.4 million in financing toward the acquisition of multiple pieces of heavy equipment.

The equipment consists primarily of yard loaders and articulated dump trucks, which the client is using to upgrade its fleet of heavy equipment.

"We were pleased to finance this acquisition of new equipment, which will help our client grow their business and better support their own clients," said Mike Jones, president of CIT's Business Capital division, which includes equipment financing.

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 division, which empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market leading structuring expertise.

About CITCIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:John M. Moran212-461-5507john.moran@cit.com

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SOURCE CIT Group Inc.