First Citizens Middle Market Banking Provides $19 Million for Truckee-Tahoe Lumber

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Oct 13, 2022, 12:00 ET

RALEIGH, N.C., Oct. 13, 2022 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $19 million in financing to Truckee-Tahoe Lumber Company to provide support for their expanding business operations.

Headquartered in Reno, Nevada, Truckee-Tahoe Lumber (TTL) is a family owned and operated business that supplies lumber, building materials, custom doors, cabinets, and hardware from six locations in Northern California and Nevada. TTL is also actively engaged in community support and philanthropy in the markets they serve, having donated over $250,000 to local charities and non-profits in 2020 and 2021.

This latest financing extends a prior banking relationship between Truckee-Tahoe Lumber and the former CIT Group, which merged with First Citizens Bank in January 2022. Proceeds from the financing will be used to capitalize the company's future growth and ongoing investments.

"We are encouraged by the robust growth opportunities in the Northern Sierra Nevada region and look forward to continuing to serve our clients with the finest building materials on the market," said Andrew Cross, President & CEO of Truckee-Tahoe Lumber. "We appreciated the expertise of First Citizens Middle Market Banking in arranging this financing to support our growth objectives."

"Truckee-Tahoe Lumber has a storied past and a bright future as the region's premier building materials supplier," said Brendan Chambers, Managing Director and Group Head for First Citizens Middle Market Banking. "We were pleased to continue our support of Truckee-Tahoe Lumber with this latest financing."

"Truckee-Tahoe Lumber has a strong reputation as a leader in their field. We worked closely with them to understand their goals, as providing financing to middle market companies to support their business objectives is our specialty," said Katrin Engel, a Middle Market Banking Senior Vice President based in San Diego.

First Citizens Middle Market Banking delivers a broad range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens Bank is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 550 branches in 22 states. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money—and make more of their future. Visit FirstCitizens.com. First Citizens Bank. Forever First®

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SOURCE First Citizens Bank