PR Newswire | Jan 20, 2022 09:03AM EST

Equipment

01/20 08:00 CST

CIT Provides More Than $5 Million in Financing to Construction Firm for Heavy Equipment NEW YORK, Jan. 20, 2022

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 CITCIT 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. Moran212-461-5507John.Moran2@firstcitizens.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/cit-provides-more-than-5-million-in-financing-to-construction-firm-for-heavy-equipment-301464438.html

SOURCE CIT, a division of First Citizens Bank