RALEIGH,
N.C., Oct. 2, 2023 /PRNewswire/ -- First
Citizens Bank today announced that it is extending its brand to
cover numerous commercial business verticals that previously fell
under First Citizens' CIT division. This effort represents another
major step towards First Citizens fully integrating CIT since its
2022 merger.
The First Citizens name and logo will be adopted by nearly all
businesses within CIT's Commercial Finance group, including Energy;
Healthcare Finance; Maritime Finance; Technology, Media and
Telecommunications; Aerospace, Defense and Government; Capital
Equipment Finance; Asset-Based and Sponsor Finance Lending; and
Commercial Real Estate, among others.
"Over many years, First Citizens Bank has built substantial
nationwide recognition for its strength, stability, and banking
expertise, combined with deep, long-lasting client relationships,"
said Jim Hudak, president of the
Commercial Finance group. "As these commercial lending businesses
are fully integrated into the bank as a whole, this is the perfect
time for us to adopt the First Citizens Bank name and leverage the
bank's status as a top-tier national financial institution with
unmatched expertise and client focus."
"We anticipate this alignment will simplify our go-to-market
strategy and accelerate our growth trajectory, while also building
our overall brand recognition," Hudak continued. "We are already
seeing increased excitement for this transition among our
associates and enthusiasm from our clients as well."
Under the First Citizens Bank name, the Commercial Finance group
will build on its long-standing presence in the middle market and
continue to leverage its talent, agility and industry knowledge
that has long been associated with the businesses throughout CIT's
extensive 100-year history.
The transition is expected to be completed by year-end. The CIT
abbreviation, which stood for Commercial Investment Trust, will
remain in use in some corners of First Citizens, such as the CIT
Rail division, CIT Commercial Services and the CIT Bank online
bank.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
Lexa Tutela
Losey
212-461-5305
Lexa.tutela@firstcitizens.com
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SOURCE First Citizens Bank