CIT Increases Lending Facility for Fashion Company to $100 Million

Rhea-AI Summary

CIT Commercial Services has increased a New York-based fashion company's discretionary lending facility to $100 million. This financing will support the acquisition of a company specializing in children's apparel. The fashion company, a longtime client of CIT, focuses on designing and distributing various apparel and accessories. The financial support aims to bolster the client's growth and business operations as they integrate the newly acquired entity.

Positive

• Increased discretionary lending facility to $100 million.
• Support for acquisition of a children's apparel company.
• Longstanding client relationship with CIT, indicating trust and reliability.

Negative

• None.

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- CIT Commercial Services, a subsidiary of First Citizens Bank, today announced that it increased a New York-based fashion company's discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children's apparel.

The fashion company, a longtime client of CIT, focuses on designing, importing and distributing apparel, handbags and accessories. The financing provided by CIT will support the fashion company's business operations and growth plans as they integrate and improve upon their recently acquired entity.

"In arranging this financing, we worked closely with the client to tailor a solution aligned with their business goals," said Tom Fingleton, managing director and northeast regional manager for CIT Commercial Services.  "We have a longstanding relationship with this client, and we welcome the opportunity to continue to support their business growth strategy."

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.

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

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SOURCE CIT, a division of First Citizens Bank

FAQ

What recent financial support did FCNCA provide to a fashion company?

CIT Commercial Services, a subsidiary of First Citizens Bank (FCNCA), increased a New York-based fashion company's discretionary lending facility to $100 million.

How will the funding from FCNCA affect the fashion company?

The funding will support the fashion company's acquisition of an entity specializing in children's apparel, aiding their growth and operational integration.

What is the significance of CIT's relationship with the fashion company?

CIT has a longstanding relationship with the fashion company, which emphasizes trust and a commitment to support their business growth strategy.

What type of services does CIT Commercial Services offer?

CIT Commercial Services provides working capital financing, credit protection, and accounts receivable management to consumer product companies.