RALEIGH,
N.C., March 11, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Middle Market
Banking business provided $33.5
million in financing to Adams Beverages, a distributor of
beer, wine and nonalcoholic beverages to bars, restaurants, grocery
stores, package stores and other retail outlets throughout
Alabama and North Carolina.
Within its distribution territories - which include 38 counties
in Alabama and 28 counties in
North Carolina - the
third-generation family-owned Adams Beverages has exclusive
franchise rights for Anheuser-Busch Inbev products and several
national and regional breweries.
"We appreciate the expertise of First Citizens' Middle Market
Banking team in arranging this financing, as well as their
knowledge of the business landscape in the Southeast region in
which we operate," said Clay Adams,
President of Adams Beverages.
The loan refinanced three properties that are occupied by Adams
Beverages and serve as distribution facilities for the company's
North Carolina operations.
"We're pleased to provide financing to support the business
goals of Adams Beverages, a company with a strong track record of
expanding their market share through organic growth and strategic
acquisitions," said Brendan
Chambers, Head of First Citizens Middle Market Banking. "We
look forward to future opportunities to support Adams Beverages'
growing business."
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