RALEIGH,
N.C., May 29, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Middle Market
Banking business provided $31.5
million in financing to national fashion retailer Jaclyn LLC
for the purchase of a newly constructed industrial warehouse and
distribution center in Southern
California.
The warehouse comprises more than 233,000 square feet and will
serve as the new West Coast shipping and distribution center for
Jaclyn and its affiliated companies of the Golden Touch Group,
providers of merchandise and services to retailers and
manufacturers.
"We have a long-established history partnering with First
Citizens on strategic ventures that add value to our business,"
said John Bang, CFO of Jaclyn and Golden Touch. "The solutions-driven
approach of the teams at First Citizens delivers expertise, agility
and thoroughness to the financing process."
"We appreciate the opportunity to support Jaclyn and Golden Touch's purchase of a new
distribution center with owner occupied real estate financing, a
core capability of our Middle Market Banking business," said
Brendan Chambers, Head of First
Citizens Middle Market Banking.
"Jaclyn and Golden Touch are
reputable brands and operators who have strong track records and
valuable connections with many well-known national retailers," said
Sarah Warren, Managing Director at
First Citizens. "We're pleased to strengthen our 25-year banking
relationship with them through this financing."
First Citizens Middle Market Banking delivers a range
of financial solutions to midsize clients through a relationship
banking model. The business offers deposit solutions, loans,
treasury services and other banking products to manufacturers,
distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., 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