CIT Capital Equipment Finance appointed William Hayburn, Michael Verploegh and Stephen Peterson as directors; Rick Dusek as vice president of Asset Management and Beata Nicpon as contract administrator.
CIT Capital Equipment Finance named Steve Bander, Jason Fronheiser, Brandon Hannanman, Michael Tornichia, Kevin Ronan and Edward Ciccone directors, while Scott Schumacher was named vice president.
CIT said it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, a transport industry carrier and servicing company.
The severe economic downturn of recent years has seen many equipment lenders leave the business or sharply curtail their activities, and CIT was no different, downsizing its Diversified Industries Group in 2007. Central to this strategy is the appointment of a senior CIT veteran, Belcastro, well-known both inside CIT, as well as throughout the asset-based finance industry, as a knowledgeable and experienced professional.