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

October 14, 2022, 07:49 AM
Filed Under: Lumber

First Citizens Bank 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.

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