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CIT Closes $75 Million Factoring Facility with Consumer Products Wholesaler
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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 $75 million factoring facility on behalf of a consumer products wholesaler.
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 $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
for more than 100 years, raleigh, n.c. -headquartered first citizens bank has helped customers do more with the money they earn, save and invest. along the way, we’ve built our company on such timeless values as integrity, hard work and taking the long-term view. in 1898, first citizens began as the bank of smithfield in johnston county, n.c. from a single office, first citizens has grown to more than 560 branches in 18 states. first citizens today is a full-service banking institution with more than 6,000 employees. our parent company, first citizens bancshares, inc. (nasdaq: fcnca), has more than $30 billion in assets. first citizens is now the country’s largest family-controlled bank, with a record of stable leadership few institutions can rival. first citizens offers: • traditional banking services. • essential business and professional services. • wealth management capabilities. • hundreds of branches and atms, a full-service telephone bank and sophisticated online and mobile bank
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