What is the recent financing update for FCNCA related to Polsteam Group?

CIT has increased its financing for Polsteam Group by $10 million, raising its total commitment by approximately 50%.

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

CIT, a division of First Citizens Bank, has boosted its financing to Polska Zegluga Morska Capital Group, also known as Polsteam Group, by $10 million through a secondary purchase.

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Rhea-AI Summary

CIT, a division of First Citizens Bank, has boosted its financing to Polska Zegluga Morska Capital Group, also known as Polsteam Group, by $10 million through a secondary purchase. This increases CIT's total financing commitment to Polsteam by approximately 50%, now secured by 26 dry-bulk carriers. Evan Cohen, managing director, expressed confidence in Polsteam's future and looks forward to further collaboration as the company expands its operations. CIT Maritime Finance specializes in providing customized solutions for vessel owners and operators.

Positive

Increased financing for Polsteam Group by $10 million.
Total financing commitment to Polsteam now approximately 50% higher.
Loan secured by 26 dry-bulk carriers.

Negative

None.

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News Market Reaction – FCNCA

The recorded move for FCNCA in the trading session of this news was -3.36%.

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05/05/2022 - 09:00 AM EDT

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.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cit-increases-financing-for-polsteam-ship-operator-by-nearly-10-million-301540734.html

SOURCE CIT, a division of First Citizens Bank

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How does CIT's financing impact Polsteam Group?

The financing strengthens the relationship between CIT and Polsteam Group, providing crucial support for Polsteam's operations.

What assets secure CIT's financing for Polsteam?

The financing is secured by 26 dry-bulk carriers owned by Polsteam Group.

Who is involved in CIT's Maritime Finance operations?

Evan Cohen, managing director and group head, leads the Maritime Finance business at CIT.

When was the financing announcement made for Polsteam Group?

The financing announcement was made on May 5, 2022.

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