First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies
First Citizens Bank and Sixth Street announced the launch of Sixty-First Commercial Finance, a new platform managed by First Citizens Institutional Asset Management, This joint venture aims to provide flexible capital equipment financing solutions to middle market companies, offering financing ranges from $5 million to $100 million.
The platform will offer tax leases, loans, capital leases, and progress payment financing across various industries including transportation, construction, manufacturing, and warehouse distribution. Bank of America is providing a $300 million warehouse finance facility to fund the venture.
Ryan Berlage, with First Citizens Bank since 2020, will serve as managing director and chief credit officer. Kevin Ronan and Edward Moir have been appointed as officers of First Citizens Institutional Asset Management, to oversee the venture.
First Citizens Bank e Sixth Street hanno annunciato il lancio di Sixty-First Commercial Finance, una nuova piattaforma gestita da First Citizens Institutional Asset Management. Questa joint venture mira a fornire soluzioni di finanziamento flessibili per attrezzature a capitale alle aziende di medie dimensioni, con finanza che varia da 5 milioni a 100 milioni di dollari.
La piattaforma offrirà leasing fiscali, prestiti, leasing di capitale e finanziamenti per pagamenti progressivi in vari settori, tra cui trasporti, costruzioni, manifatturiero e distribuzione in magazzino. Bank of America fornirà un finanziamento di magazzino da 300 milioni di dollari per finanziare l'iniziativa.
Ryan Berlage, in First Citizens Bank dal 2020, servirà come direttore generale e chief credit officer. Kevin Ronan ed Edward Moir sono stati nominati funzionari di First Citizens Institutional Asset Management per supervisionare l'iniziativa.
First Citizens Bank y Sixth Street anunciaron el lanzamiento de Sixty-First Commercial Finance, una nueva plataforma gestionada por First Citizens Institutional Asset Management. Esta empresa conjunta tiene como objetivo proporcionar soluciones de financiamiento de equipos de capital flexibles a empresas de mercado medio, con financiamiento que abarca desde 5 millones hasta 100 millones de dólares.
La plataforma ofrecerá arrendamientos fiscales, préstamos, arrendamientos de capital y financiamiento de pagos progresivos en diversas industrias, incluyendo transporte, construcción, manufactura y distribución en almacenes. Bank of America proporcionará una facilidad de financiamiento de almacén de 300 millones de dólares para financiar la empresa.
Ryan Berlage, en First Citizens Bank desde 2020, será el director general y oficial principal de crédito. Kevin Ronan y Edward Moir han sido nombrados funcionarios de First Citizens Institutional Asset Management para supervisar la empresa.
퍼스트 시티즌스 뱅크와 식스 스트리트는 식스티 퍼스트 커머셜 파이낸스라는 새로운 플랫폼의 출범을 발표했습니다. 이 합작 투자는 중소기업에 유연한 자본 장비 금융 솔루션을 제공하는 것을 목표로 하며, 금융 범위는 500만 달러에서 1억 달러에 이릅니다.
이 플랫폼은 교통, 건설, 제조 및 창고 유통을 포함한 다양한 산업에서 세금 리스, 대출, 자본 리스 및 진척금 지급 금융을 제공합니다. 뱅크 오브 아메리카는 이 벤처를 자금 지원하기 위해 3억 달러의 창고 금융 시설을 제공합니다.
2020년부터 퍼스트 시티즌스 뱅크에 근무해온 라이언 벌라지(Ryan Berlage)가 관리 이사 및 최고 신용 책임자로 임명될 것입니다. 케빈 로난(Kevin Ronan)과 에드워드 모어(Edward Moir)가 이 벤처를 감독할 퍼스트 시티즌스 기관 자산 관리의 임원으로 임명되었습니다.
First Citizens Bank et Sixth Street ont annoncé le lancement de Sixty-First Commercial Finance, une nouvelle plateforme gérée par First Citizens Institutional Asset Management. Cette coentreprise vise à fournir des solutions de financement d'équipement à capital flexibles aux entreprises de taille intermédiaire, avec des financements allant de 5 millions à 100 millions de dollars.
La plateforme proposera des baux fiscaux, des prêts, des baux de capital et un financement de paiements progressifs dans divers secteurs, y compris le transport, la construction, la fabrication et la distribution d'entrepôts. La Bank of America fournira une facilité de financement d'entrepôt de 300 millions de dollars pour financer l'entreprise.
Ryan Berlage, en poste à First Citizens Bank depuis 2020, sera directeur général et responsable de la crédit. Kevin Ronan et Edward Moir ont été nommés responsables de First Citizens Institutional Asset Management pour superviser l'entreprise.
First Citizens Bank und Sixth Street haben die Einführung von Sixty-First Commercial Finance angekündigt, einer neuen Plattform, die von First Citizens Institutional Asset Management verwaltet wird. Dieses Joint Venture zielt darauf ab, mittelständischen Unternehmen flexible Finanzierungslösungen für Kapitalgüter anzubieten, mit Finanzierungsmöglichkeiten von 5 Millionen bis 100 Millionen Dollar.
Die Plattform wird steuerliche Leasingverträge, Darlehen, Kapitalleasing und Fortschrittszahlungen in verschiedenen Branchen anbieten, darunter Transport, Bau, Fertigung und Lagerverteilung. Die Bank of America stellt ein 300 Millionen Dollar großes Lagerfinanzierungsangebot zur Verfügung, um das Unternehmen zu finanzieren.
Ryan Berlage, der seit 2020 bei First Citizens Bank ist, wird als Geschäftsführer und Chief Credit Officer fungieren. Kevin Ronan und Edward Moir wurden als Führungskräfte von First Citizens Institutional Asset Management ernannt, um das Joint Venture zu überwachen.
- Strategic expansion into equipment financing market with $5-100M ticket size range
- Secured $300M warehouse finance facility from Bank of America
- Partnership with major investment firm Sixth Street enhances market reach
- Diversification across multiple industries and equipment asset types
- None.
Insights
This strategic joint venture marks a significant expansion of First Citizens Bank's equipment financing capabilities, representing a well-timed move in the current market environment. The partnership leverages First Citizens' position as a top-5 equipment finance bank while adding Sixth Street's expertise in asset-based finance, creating a powerful competitive advantage in the middle market segment.
The
- Capture higher-margin business in the underserved middle market segment
- Diversify revenue streams beyond traditional banking
- Scale operations while maintaining risk control through First Citizens Institutional Asset Management's oversight
The venture's focus on mission-critical equipment across diverse industries (transportation, construction, manufacturing, etc.) provides natural risk mitigation through portfolio diversification. The appointment of experienced leadership, including Ryan Berlage as Chief Credit Officer with 20+ years of industry expertise, demonstrates a strong governance framework.
This initiative could materially impact First Citizens' fee income and market position in equipment finance, while the partnership structure helps optimize capital efficiency. The timing is particularly strategic as many middle market companies seek to upgrade or expand their equipment base amid ongoing supply chain reconfigurations and automation trends.
A joint venture between Sixth Street's Asset Based Finance platform and First Citizens Bank, Sixty-First Commercial Finance will leverage the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from
"First Citizens Bank is a top 20 U.S. bank and also among the five largest banks in equipment finance1," said Jim Hudak, president of First Citizens Commercial Finance. "This strategic initiative represents a significant step forward for First Citizens Bank's capacity to serve capital equipment clients and to leverage our deep industry knowledge and long-standing expertise in this sector."
"With the launch of Sixty-First Commercial Finance, we're providing the equipment finance industry with market differentiating financing capabilities," said Kevin Ronan, head of Capital Equipment Finance at First Citizens Bank. "Our clients now have access to even more attractive financing alternatives with greater flexibility and greater certainty of execution through the combined capabilities of First Citizens Bank and Sixth Street."
"We are proud to be partnering with First Citizens Bank on this novel structure to support and augment their existing deep equipment finance and leasing capabilities," said Michael Dryden, Partner and Head of Asset Based Finance at Sixth Street. "This is a great example of how institutions like ours can work together to create new capital solutions that expand capacity for the bank's clients and grow new financing activity."
In conjunction with the launch, Bank of America is structuring and arranging a bilateral
Sixty-First Commercial Finance's product offering consists of tax leases, loans, capital leases and progress payment financing, designed to serve the mission-critical equipment financing needs of middle market companies across a range of industries -- including transportation, construction, Jones Act marine, discrete and process manufacturing, material handling, air medical helicopters, warehouse distribution, and furniture and fixtures.
With the formation of Sixty-First Commercial Finance, Ryan Berlage, who has been with First Citizens Bank since 2020, will serve as managing director and chief credit officer and portfolio manager of the joint venture, as well as an officer of First Citizens Institutional Asset Management, LLC. In this role, Berlage will lead all underwriting and portfolio related activities, drawing on his 20-plus years of experience in the equipment finance industry and his firsthand knowledge of building new leasing platforms for banks and non-banks.
Additionally, First Citizens Bank executives Ronan and Chief Underwriting Officer Edward Moir have been appointed as officers of First Citizens Institutional Asset Management, LLC and will provide ongoing oversight to Sixty-First Commercial Finance. First Citizens Institutional Asset Management, LLC, an SEC registered investment advisor, is a wholly-owned subsidiary of First Citizens Bank.
To learn more about Sixty-First Commercial Finance, visit firstcitizens.com/cef.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
About Sixth Street
Sixth Street is a global investment firm with over
FIRST CITIZENS MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
FOR SIXTH STREET:
Patrick Clifford
m: +1-646-906-4339
media@sixthstreet.com
1 Per the annual Bank 50 listing in Monitor magazine, a leading equipment finance industry trade publication.
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SOURCE First Citizens Bank
FAQ
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