CIT Names New Business Development Leaders and Account Executive-Team Leader in Commercial Services

Rhea-AI Summary

CIT, a division of First Citizens Bank, has announced the hiring of new business development leaders in its Commercial Services sector. In the Northeast, Howard Moore and Paul Pagano join as business development directors, enhancing client relationships and driving growth. Michael Rayner has been promoted to director in the West, focusing on team leadership and portfolio management. These changes reflect CIT's commitment to expanding its factoring finance services, supporting its clients while capitalizing on market opportunities.

Positive

• Hiring experienced leaders (Howard Moore and Paul Pagano) to drive growth in Northeast.
• Promotion of Michael Rayner indicates strong internal talent development.
• Commitment to expanding factoring finance services supports client relationships.

Negative

• None.

NEW YORK, April 6, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Commercial Services business is promoting and hiring new business development leaders to support clients and drive growth in factoring finance in the Northeast and West.

In the Northeast, Howard Moore and Paul Pagano are joining CIT's Commercial Services group as business development directors. Both are based in New York and hold responsibility for developing, maintaining and expanding client and prospect relationships across a wide range of business verticals.

"Howard and Paul are experienced financial professionals with the expertise and skill sets needed to help grow our business," said Tom Fingleton, managing director and northeast regional manager for CIT Commercial Services. "The addition of these leaders demonstrates CIT's commitment to supporting our clients and continuing to drive growth in this sector."

Moore joins CIT after most recently serving as vice president at Revolution Capital. Having specialized in multiple different industry segments, he brings 15 years of experience in factoring, asset-based lending and specialty lending, having earlier worked in development positions at various financial institutions, including Rosenthal & Rosenthal and Gerber Finance.

Pagano comes to CIT from Milberg Factors, where he served as vice president. He has 25 years of financing experience in a range of industries, including factoring and commercial finance, apparel and design. Pagano earlier served in leadership positions at Global Design Concepts, Ike Behar Apparel and Design, Le Tigre and Christian Dior Couture.

In the West, Michael Rayner has been promoted to director and team leader. Based in Los Angeles, he helps cover the western region with responsibility for leading a team of account executives in overseeing and growing their respective portfolios while also effectively managing risk and driving growth.

"Michael's tenure with CIT and his deep experience in supporting clients make him the perfect choice to lead this team of bankers in providing factoring and other financial services throughout the region," said Darrin Beer, managing director and western regional manager for CIT Commercial Services.

Rayner has been with CIT for over 20 years, most recently serving as a vice president, account executive in Commercial Services. He previously served as a senior underwriter at CIT and held various positions at Heller Financial including underwriter, unit manager and credit analyst. Rayner has extensive experience in portfolio management, client relations and new business generation.  

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

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 new leadership changes were announced by CIT on April 6, 2022?

CIT announced the hiring of Howard Moore and Paul Pagano as business development directors in the Northeast, and the promotion of Michael Rayner to director in the West.

How will the new hires impact CIT's Commercial Services?

The new hires are expected to enhance client relationships and drive growth in CIT's factoring finance services.

What is the significance of these changes for First Citizens BancShares (FCNCA)?

These leadership additions demonstrate CIT's commitment to growth in the Commercial Services sector, which could positively influence FCNCA's market performance.