CIT Closes $8 Million Factoring Facility for Los Angeles-based Apparel Company

Rhea-AI Summary

CIT Commercial Services, a subsidiary of First Citizens Bank, has secured a non-recourse factoring agreement and an $8 million senior secured facility for a Los Angeles-based apparel company. This partnership aims to address the company's working capital and accounts receivable management needs. Darrin Beer, CIT's western regional manager, emphasized their commitment to crafting attractive financing solutions for clients. CIT is recognized as a leading provider of working capital financing and accounts receivable management for consumer product companies. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a major financial institution boasting over $100 billion in assets.

Positive

• Secured an $8 million senior secured facility for a growing apparel company.
• Tailored financing solutions to support the client's unique working capital needs.
• CIT is a leading provider of working capital financing and accounts receivable management.

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• None.

LOS ANGELES, Feb. 15, 2023 /PRNewswire/ -- CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, today announced that it has closed a non-recourse factoring arrangement and $8 million senior secured facility for a Los Angeles-based company that sells men's and boys' clothing to retailers.

CIT worked closely with the growing apparel company to create a flexible arrangement to support the company's unique working capital and accounts receivable management needs.

"We were able to develop an attractive financing facility to support our client's business goals as they continue to grow," said Darrin Beer, western regional manager for CIT Commercial Services.

"We continuously strive to create tailored solutions for our clients that set us apart from other lenders and ABL providers in the consumer product space," added Mike Earnhart, western regional sales manager.

CIT Commercial Services is one of the nation's leading providers of working capital financing, supply chain financing, credit protection and accounts receivable management to consumer product companies.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.

MEDIA RELATIONS: 
Lexa Tutela Losey
212-461-5305
Lexa.tutela@firstcitizens.com 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the recent financing announcement from First Citizens Bank's subsidiary?

CIT Commercial Services announced a non-recourse factoring arrangement and an $8 million senior secured facility for a Los Angeles-based apparel company.

How does CIT support apparel companies financially?

CIT creates tailored financing solutions that address working capital and accounts receivable management needs for apparel companies.

What is the stock symbol for First Citizens BancShares?

The stock symbol for First Citizens BancShares is FCNCA.

What are the assets of First Citizens BancShares?

First Citizens BancShares has over $100 billion in assets.