NEW YORK, March 24, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that it is launching a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.
Golf & Turf is part of CIT's Business Capital group, which is already a national leader in equipment financing solutions for small and mid-size businesses across a wide range of market sectors, including technology, office imaging, printing, construction, industrial and many others.
Leading the new vertical is Shawn Foy, a veteran banker with more than 20 years of experience, including 14 years devoted exclusively to golf financing. He will be joined by other team members experienced in financing and underwriting golf- and turf-related equipment.
"With the creation of this new Golf & Turf finance team, we see an attractive opportunity to leverage CIT's longstanding lending and leasing expertise to support a whole new array of prospective customers," said Mike Jones, president of CIT's Business Capital group. "Also, CIT's recent merger with First Citizens makes us stronger and brings additional relationships that will help us provide more products to this market and better support its equipment financing needs."
"Shawn Foy is well-known and respected throughout the industry for his expertise and customer-centric approach," said Ken Martin, managing director of Business Capital. "We are pleased to welcome him and the rest of his Golf & Turf team and look forward to their efforts in helping grow our business by introducing our lending and leasing solutions to a new range of vendors and clients."
The Golf & Turf finance team is part of CIT's Business Capital group, which empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market-leading structuring expertise.
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.
SOURCE CIT, a division of First Citizens Bank