The board of governors of the Federal Reserve approved the previously proposed merger of First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.
CIT’s asset-based lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited, an integrated workforce management platform provider.
First Citizens BancShares, the parent company of First-Citizens Bank & Trust, and CIT Group, the parent company of CIT Bank, agreed to extend their merger agreement from Oct. 15, 2021, to March 1, 2022.
Eduard Vernède joined CIT Group as managing director in its Aerospace, Defense & Government Services business. Vernède will focus on lending activity to serve the multibillion-dollar government and defense contractor industry, as well as supporting the aerospace segment.
CIT Group’s middle-market banking business provided $14.3 million in financing to Depot Properties. Proceeds from the financing will be used to buy out minority shareholders and expand or improve company facilities.
The Federal Deposit Insurance Corporation approved the proposed merger of First Citizens BancShares, the parent company of First Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.
CIT Northbridge Credit, as advised by CIT Asset Management, served as sole lead arranger on a $23 million credit facility for Nova Compression.
CIT Group’s asset-based lending business committed to $25 million in financing while serving as joint lead arranger on an asset-based credit facility of up to $145 million for a commercial finance company serving government contractors.
White Oak Commercial Finance hired Garrick Tan, Fridolf Hanson and Bill Kearney as senior business development officers to its ABL and lender finance platform. In their roles, Tan, Hanson and Kearney will focus on sourcing transactions with committed capital needs ranging from $15 million to $250 million.
CIT’s asset-based lending and sponsor finance businesses served as agent and sole lender on a $25 million revolving credit facility for KMS, a wholesaler of consumer product closeouts and special buys alongside its own line of KMS-sourced products.