CIT Increases Financing for Polsteam Ship Operator by Nearly $10 Million

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CIT, a division of First Citizens Bank

May 05, 2022, 09:00 ET

NEW YORK, May 5, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Maritime Finance business has increased its financing for Polska Zegluga Morska Capital Group, also known as Polsteam Group, by $10 million via a secondary purchase.

CIT Maritime's loan expands its relationship with Polsteam Group and increases CIT's total financing commitment to the client by about 50%. The overall financing is secured by 26 dry-bulk carriers.

"Polsteam Group is an experienced and trusted cargo shipping enterprise with a bright future," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We appreciated the opportunity to extend our financing and look forward to working together in the future as the business continues to grow."

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

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SOURCE CIT, a division of First Citizens Bank