CIT Closes $50 Million Factoring Facility with Consumer Technology Firm

Rhea-AI Summary

CIT Commercial Services, a subsidiary of First Citizens Bank, announced a successful completion of a $50 million factoring facility with a West Coast consumer technology firm on October 12, 2022. This agreement aims to enhance the client's working capital flexibility, underscoring CIT's role as a leading provider of financial services in the consumer product sector. Darrin Beer, CIT's western regional manager, expressed satisfaction in supporting the client's needs within a dynamic industry. First Citizens BancShares, Inc. (NASDAQ: FCNCA) continues to enhance its financial offerings across the U.S. with over $100 billion in assets.

Positive

• CIT established a significant $50 million factoring facility, enhancing capital flexibility for the client.
• The partnership supports a client in an innovative and dynamic industry sector.

Negative

• None.

NEW YORK, Oct. 12, 2022 /PRNewswire/ -- CIT Commercial Services, a subsidiary of First Citizens Bank, today announced that it has completed a $50 million factoring facility with a West Coast consumer technology firm.

CIT worked closely with the client to create a unique factoring arrangement to provide the technology designer and producer with additional flexibility in meeting its working capital needs.

"Our client is an innovative company in an exciting and dynamic industry sector and we were pleased to support their working capital needs with this new factoring agreement," said Darrin Beer, western regional manager for CIT Commercial Services.

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 550 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 the significance of the $50 million factoring facility announced by FCNCA?

The $50 million factoring facility enhances the working capital flexibility for a West Coast consumer technology firm, allowing it to better manage its financial needs.

When was the $50 million factoring facility completed by CIT?

The $50 million factoring facility was completed on October 12, 2022.

Who is the client of the $50 million factoring facility by CIT?

The client is a West Coast consumer technology firm, though specific details about the company are not disclosed.

What role does CIT Commercial Services play in the financial market?

CIT Commercial Services is a leading provider of working capital financing and credit protection primarily serving consumer product companies.

How does First Citizens BancShares, Inc. relate to the CIT factoring facility?

CIT is a subsidiary of First Citizens BancShares, Inc. (NASDAQ: FCNCA), which is a major financial institution with over $100 billion in assets.