CIT Group’s middle-market banking business provided $14.3 million in financing to Depot Properties.
Depot Properties is the owner and operator of a large truck servicing terminal in Laredo, TX, primarily occupied by TruckMovers.com, one of the nation’s 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, MO; and Elkhart, IN. 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,” Steven Stuckey, regional president for CIT’s middle-market banking business, said. “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.
