CIT provides $ 14.3 million in financing to Depot Properties LLC
NEW YORK, July 21, 2021 / PRNewswire / – CIT Group Inc. (NYSE: CIT) today announced that its Middle Market Banking business has provided $ 14.3 million in financing to Depot Properties LLC.
Depot Properties owns and operates a large truck maintenance terminal in Laredo, Texas, primarily occupied by TruckMovers.com, one of the country’s leading contract truck shipping carriers.
The proceeds of the financing will be used to buy out minority shareholders and expand or improve the company’s facilities in Laredo; Springfield, Missouri; and Elkhart, Indiana. As part of the funding, the CIT also provides a set of finance management and capital markets services.
“TruckMovers has an exceptional reputation for delivering trucks from manufacturers and dealers to fleets that need them most,” said Steven stuckey, regional president of CIT’s Middle Market Banking activity. “We were delighted to provide them with funding to support their strategic business objectives.”
Middle Market Banking, which is part of CIT Commercial financing division, offers a range of financial solutions to medium-sized clients through a relational banking model. The company provides deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
About the CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a primary banking subsidiary, CIT Bank, NA (FDIC member, Equal Housing Lender). The Company’s Commercial Banking segment includes trade finance, community association banking, middle market banking, equipment and vendor finance, factoring, railcar finance, treasury services and payments, as well as capital markets and asset management. CIT’s personal banking segment includes a national direct bank and a network of regional branches. Find out more about cit.com/about.
John M. Moran
SOURCE CIT Group inc.