NEW YORK, July 21, 2021 /PRNewswire/ -- CIT Group Inc. (CIT) - Get CIT Group Inc. Report today announced that its Middle Market Banking business provided $14.3 million in financing to Depot Properties LLC.
Depot Properties is the owner and operator of a large truck servicing terminal in Laredo, Texas, primarily occupied by TruckMovers.com, one of the nation's leading truck shipping contract carriers.
Proceeds from the financing will be used to buy out minority shareholders and expand or improve company facilities in Laredo; Springfield, Missouri; and Elkhart, Indiana. In connection with the financing, CIT is also providing a package of treasury management and capital markets services.
"TruckMovers has an outstanding reputation for delivering trucks from manufacturers and dealers to the fleets that need them most," said Steven Stuckey, regional president for CIT's Middle Market Banking business. "We were pleased to provide financing to support their strategic business objectives."
Middle Market Banking, part of CIT's Commercial Finance division, delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
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. (CIT) - Get CIT Group Inc. Report 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.
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SOURCE CIT Group Inc.