First Citizens Bank Introduces Working Capital Finance Group

Rhea-AI Summary

First Citizens Bank (NASDAQ: FCNCA) has combined its factoring, asset-based lending, supply chain finance, international factoring and receivables purchasing operations into a single group called Working Capital Finance. These businesses, currently operating as CIT Commercial Services, will begin operating under the new name in Q4 2026 when they rebrand to First Citizens Bank.

According to First Citizens Bank, the unified group will offer middle market consumer companies a broader suite of working capital and treasury solutions aimed at managing cash flow, increasing borrowing capacity and supporting domestic and international growth.

News Explained

The announcement adds product detail: asset-based lending is secured by accounts receivable, inventory, equipment or other assets, while receivables purchasing monetizes receivables early through an off-balance-sheet financing structure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Middle market companies gain access to expanded suite of financing and treasury solutions

RALEIGH, N.C., Aug. 4, 2026 /PRNewswire/ -- First Citizens Bank today announced that it is bringing together its factoring, asset-based lending, supply chain finance, international factoring, and receivables purchasing businesses into one group called Working Capital Finance. Currently these businesses are operating as CIT Commercial Services, which provides middle market consumer companies with a range of solutions to help manage cash flow, increase borrowing capacity, and improve supply chain efficiency. The business will begin operating as Working Capital Finance in Q4 when it officially rebrands to First Citizens Bank.

"For decades, we have been a leader in serving the factoring industry and, as part of First Citizens Bank, we've been strengthening our business to best serve the evolving needs of our clients," said Michael Hudgens, Head of Working Capital Finance at First Citizens Bank. "Our new name better reflects the capabilities and the specialized financing we offer as a working capital solutions provider. Our clients have access to an expanded suite of financing and treasury solutions specifically designed to help them grow and scale their business."

First Citizens Bank Working Capital Finance offers a wide range of financing and treasury solutions, including:

• Factoring to help accelerate cash flow, improve collections, and control exposure to bad debts.
• Asset-based lending to provide flexible financing secured by accounts receivables, inventory, equipment, and other assets.
• Supply chain finance to strengthen supplier relationships while improving working capital efficiency.
• International factoring to support global growth with financing solutions designed for international trade.
• Receivables purchasing to monetize accounts receivable early through an off-balance-sheet financing structure.

"The client is at the center of everything we do. By bringing together these solutions and capabilities, we are delivering an even stronger platform for the client to access the specialized financing it needs," said Craig Hopper, the new Head of Asset Based Lending at First Citizens Bank. "Our Working Capital Finance clients will benefit from our combined industry and product expertise as well as the stability and relationship driven approach of First Citizens Bank."

First Citizens' Commercial Bank offers a wide range of financial solutions including treasury and liquidity management, international banking, and specialized commercial lending. Earlier this year, First Citizens Bank announced that CIT Commercial Services, as well as its Silicon Valley Bank division, will rebrand as First Citizens Bank, First Citizens Innovation Banking and First Citizens Fund Banking.

For more information on First Citizen's Bank Working Capital Finance group, please visit: firstcitizens.com/wcf 

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 with branches and offices nationwide; 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 $225 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

Media Contact
Katie Ellis
Katie.Ellis@firstcitizens.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-introduces-working-capital-finance-group-302841916.html

SOURCE First Citizens Bank

FAQ

What is First Citizens Bank's new Working Capital Finance group (FCNCA)?

First Citizens Bank's Working Capital Finance group unifies its factoring, asset-based lending, supply chain finance, international factoring and receivables purchasing businesses. According to First Citizens Bank, this creates a single platform focused on working capital solutions for middle market consumer companies.

When will CIT Commercial Services rebrand to First Citizens Bank Working Capital Finance?

CIT Commercial Services is expected to begin operating as First Citizens Bank Working Capital Finance in Q4 2026. According to First Citizens Bank, this timing aligns with its broader rebranding of CIT Commercial Services under the First Citizens name.

What financing solutions does First Citizens Bank Working Capital Finance offer to middle market companies?

First Citizens Bank Working Capital Finance offers factoring, asset-based lending, supply chain finance, international factoring and receivables purchasing. According to First Citizens Bank, these solutions aim to accelerate cash flow, improve borrowing capacity and support both domestic and international trade activities.

How can factoring from First Citizens Bank Working Capital Finance help middle market businesses?

Factoring from First Citizens Bank Working Capital Finance is designed to accelerate cash flow by purchasing receivables. According to First Citizens Bank, it can also help improve collections and manage exposure to bad debts for qualifying middle market consumer clients.

What is the role of asset-based lending in First Citizens Bank's Working Capital Finance group?

Asset-based lending in the Working Capital Finance group provides financing secured by accounts receivable, inventory, equipment and other assets. According to First Citizens Bank, this structure is intended to offer flexible credit options tailored to working capital needs.

How does First Citizens Bank Working Capital Finance support international trade and global growth?

First Citizens Bank Working Capital Finance supports international trade through international factoring solutions. According to First Citizens Bank, these offerings are designed to facilitate global growth by combining cross-border financing with receivables management for international transactions.

Where can companies learn more about First Citizens Bank Working Capital Finance services?

Companies can learn more about Working Capital Finance services by visiting firstcitizens.com/wcf. According to First Citizens Bank, this site provides details on its factoring, asset-based lending, supply chain finance and related treasury and working capital solutions.