CIT Increases Maritime Financing to $57 Million for Crowley

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CIT, a division of First Citizens Bank

Jun 08, 2022, 09:00 ET

NEW YORK, June 8, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Maritime Finance business has recently increased its financing of Crowley, a leading global shipping and logistics company, to a total of $57 million as part of a larger credit facility. This financing applies to multiple Crowley vessels.

"Crowley has a heritage of reliable shipping of more than 130 years, and this financing will help continue that safe and reliable service with a focus on innovation," said Vice President and Treasurer Steve Himes of Crowley. "We appreciated CIT's willingness to increase its financing for our vessels."

"Crowley is widely respected throughout the maritime industry for its expertise and performance," said Evan Cohen, managing director and group head of Maritime Finance. "We were pleased to extend our financing arrangements with Crowley and look forward to continuing our relationship in the future."

CIT's Maritime Finance business, part of its 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.

About Crowley

Crowley is a privately held, U.S.-owned and -operated maritime, energy and logistics solutions company serving commercial and government sectors with more than $2.5 billion in annual revenues, over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories through four business units: Crowley Logistics, Crowley Shipping, Crowley Solutions and Crowley Fuels. Additional information about Crowley, its business units and subsidiaries can be found at www.crowley.com.

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SOURCE CIT, a division of First Citizens Bank