RALEIGH,
N.C., Oct. 18, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its CIT Commercial Services
subsidiary, a national leader in factoring, credit protection and
accounts receivable management solutions, recently closed three
major client financing transactions.
CIT Commercial Services closed a $50
million factoring facility, which provides availability
against both accounts receivable and inventory, to a Midwest-based
supplier of home comfort products that are sold through major
ecommerce sites, big box stores and brick-and-mortar retailers. The
facility replaced the client's ABL facility with a major bank and
will increase the client's financial flexibility without any
cumbersome financial covenants. Annual factoring volume is expected
to exceed $100 million.
A California-based wholesaler
of health and wellness products to national online retailers and
store-based pharmacy chains received working capital financing and
a factoring facility.
A California-based wholesaler
of socks and hosiery to large retailers and regional stores
received a working capital facility and a factoring
arrangement.
Both California-based companies
are expected to generate in excess of $100
million in combined factoring volume, with working capital
facilities totaling over $16
million.
"CIT Commercial Services is a client-focused,
relationship-oriented business with a high-touch approach to
service," said Michael Hudgens,
president of CIT Commercial Services. "Once they get to know us,
our clients often work with us for years and even decades for the
financing, credit protection and accounts receivable services they
need to grow their business over the long term."
A subsidiary of First Citizens Bank, CIT Commercial Services is
one of the nation's leading providers of factoring, credit
protection, accounts receivable management, supply chain finance
and lending services to domestic middle market companies.
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:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank