CIT Closes $75 Million Factoring Facility with Consumer Products Wholesaler
CIT Commercial Services, a subsidiary of First Citizens Bank, announced the completion of a $75 million factoring facility for a consumer products wholesaler.
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Rhea-AI Summary
CIT Commercial Services, a subsidiary of First Citizens Bank, announced the completion of a $75 million factoring facility for a consumer products wholesaler. This facility replaces an existing asset-based lending agreement, providing enhanced liquidity for the client to support operational growth. Tom Fingleton, managing director at CIT, highlighted the tailored financing package developed to meet the client's specific needs, enhancing their working capital flexibility. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is recognized as a top 20 U.S. financial institution with over $100 billion in assets.
Positive
- Completed a $75 million factoring facility, enhancing liquidity for the client.
- Replaced an existing lending facility, indicating improved financial terms.
- Tailored financing solution developed to meet the client's specific needs.
Negative
- None.
Details
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NEW YORK, Aug. 11, 2022 /PRNewswire/ -- CIT Commercial Services, a subsidiary of First Citizens Bank, today announced that it has completed a
CIT worked with the client to arrange a factoring facility to replace an existing asset-based lending facility with another lender. The new factoring facility offers additional liquidity that the client can deploy as needed in maintaining and growing their operations.
"We met with the client to understand their unique requirements and develop an innovative financing package to meet their business needs," said Tom Fingleton, managing director and northeast regional manager for CIT Commercial Services.
"We are pleased that the resulting financing gives our client the necessary flexibility to support their future working capital needs," he added.
CIT Commercial Services is one of the nation's leading providers of working capital financing, credit protection and accounts receivable management to consumer product companies.
About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than
MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE CIT, a division of First Citizens Bank
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