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.
CIT Group’s healthcare finance business served as the sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, WI, by private equity firm IRA Capital.
First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank, will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.
CIT Group’s healthcare finance group provided a $20 million senior secured credit facility for Protech Home Medical, a home medical equipment industry focused on end-to-end respiratory care.
FirstSun Capital Bancorp, through its subsidiary Sunflower Bank, acquired CIT’s trust and wealth advisory business, effective Sept. 1.