CIT Announces New Organizational Structure for Factoring Business

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced a reorganization of its Commercial Services factoring business to enhance client service and growth potential. Effective immediately, Marc Heller will report to Peter Bristow, and Michael Hudgens has been appointed managing director and group head. This restructuring aims to improve agility in client support in today's fast-paced market, leveraging CIT's industry expertise. First Citizens Bank aims to create value through a broader product range and improved commercial lending capabilities.

Positive

• Reorganization expected to improve client service and growth in Commercial Services.
• Marc Heller continues to provide strategic insights in the factoring sector.
• New leadership structure facilitates faster client support.

Negative

• None.

NEW YORK, March 7, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced a reorganization of its Commercial Services factoring business to position it for accelerated growth by providing even better service for clients and prospects.

CIT Commercial Services is one of the nation's leading providers of factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.

Under the reorganization announced today, Commercial Services President Marc Heller will report directly to Peter Bristow, First Citizens Bank president overseeing commercial banking following the Jan. 4 merger of First Citizens and CIT. In addition, Michael Hudgens will now lead Commercial Services as managing director and group head, with regional managers reporting to him.

"CIT has long been recognized industrywide as a leader in factoring finance, which is especially important and valuable in today's fast-moving market conditions," Bristow said. "We are pleased to leverage the ongoing strategic direction and insight of Marc Heller, who is well-known for his expertise in this sector, while welcoming Mike Hudgens to his new leadership role.

"Longer term, we look forward to Marc's continued guidance during our ongoing focus on successfully integrating CIT and its Commercial Services business into First Citizens Bank," Bristow added. "We anticipate this new structure will enable us to be even more agile in supporting clients now and in the future ."

With a strong focus on relationship banking, First Citizens is dedicated to creating more value for customers through a broader range of products and services, enhanced competency in commercial lending, a distributed operating model and a wide geographic footprint.

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.

MEDIA RELATIONS:
John M. Moran
212-461-5507
John.Moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is CIT's recent announcement about its Commercial Services?

CIT announced a reorganization of its Commercial Services factoring business to enhance growth and client service.

Who leads CIT's Commercial Services after the reorganization?

Marc Heller will report to Peter Bristow, while Michael Hudgens has been appointed managing director and group head.

How does the reorganization affect CIT's clients?

The reorganization aims to improve agility in supporting clients, enhancing service quality in a fast-moving market.

What financial institution is CIT a part of?

CIT is a division of First Citizens Bank, which is a major financial institution in the U.S.

When was the merger between First Citizens and CIT completed?

The merger between First Citizens and CIT was completed on January 4.