First Citizens Bank Introduces New Name for Equipment Finance Business

Rhea-AI Summary

First Citizens Bank has rebranded its vendor equipment financing business to First Citizens Bank Equipment Finance, effective immediately. This change aims to enhance clarity and align the brand with its core mission of delivering financial solutions to vendors and customers. The unit, which became part of First Citizens Bank in January 2022 through its merger with CIT Group Inc., focuses on supporting small and mid-size businesses with equipment financing. The equipment finance business is recognized among the Top 10 by Monitor magazine and was named one of the 'Most Innovative Companies' for 2022. The bank anticipates that this new identity will accelerate growth.

Positive

• Rebranding to First Citizens Bank Equipment Finance enhances clarity and communicates core mission.
• Recognized among Top 10 equipment finance businesses by Monitor magazine.
• Named one of the 'Most Innovative Companies' in equipment finance for 2022.
• Increased recognition and potential growth anticipated following the name change.

Negative

• None.

Change Enhances Clarity, Signifies Renewed Commitment to Service Excellence

RALEIGH, N.C., Feb. 23, 2023 /PRNewswire/ -- First-Citizens Bank & Trust Company (First Citizens Bank) today announced that its vendor equipment financing business will now be known as First Citizens Bank Equipment Finance to better communicate its core mission to vendors, customers and prospects.

Formerly known as CIT Business Capital, the vendor finance business became a part of First Citizens Bank in January 2022 as a result of the bank's merger with CIT Group Inc. It specializes in supporting small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market leading structuring expertise.

"This brand transition is about much more than just clarifying our message to the market," said First Citizens Bank President Peter Bristow, who oversees the commercial banking segment. "It also signifies our renewed commitment to excellence in delivering financial solutions and services to equipment vendors and individual customers alike."

"Our advanced technology platforms, industry-leading expertise and dedicated team are unmatched when it comes to providing equipment financing with speed and certainty of execution," Bristow added.

The equipment finance business is consistently ranked among the Top 10 by Monitor magazine, a leading industry trade publication. Monitor also named the business as among its "Most Innovative Companies" in equipment finance for 2022.

Mike Jones, president of First Citizens Bank Equipment Finance, said he expects the new brand identity will help accelerate the growth.

"We process millions of transactions a year with outstanding speed and accuracy, setting us apart as a service leader in our sector and as a technological innovator," Jones said. "As a result of this transition, our name now finally communicates to the market exactly what we do best."

"The CIT name was long associated with excellence in equipment finance," Jones continued. "We want our industry to know that that commitment is stronger than ever. Being a part of First Citizens Bank gives us even greater financial strength and a wider range of solutions to benefit our customers."

Other First Citizens Bank equipment finance units include Equipment Financing & Leasing, led by Senior Vice President Bob Radford, and CIT Capital Equipment Finance, led by Managing Director Kevin Ronan. Collectively, three First Citizens equipment finance units offer a wide range of solutions to businesses of many different sizes operating in diverse industry segments.

While the name change is effective immediately, First Citizens Bank expects it will take several weeks to fully implement the transition as instances of the former brand are systematically updated.

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. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

MEDIA RELATIONS:  
John M. Moran  
212-461-5507  
john.moran2@firstcitizens.com

 

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SOURCE First Citizens Bank

FAQ

What is the new name of First Citizens Bank's equipment financing business?

The equipment financing business is now known as First Citizens Bank Equipment Finance.

When did the rebranding of First Citizens Bank's vendor finance business occur?

The rebranding was announced on February 23, 2023, and is effective immediately.

What was the former name of First Citizens Bank Equipment Finance?

The former name was CIT Business Capital.

How does First Citizens Bank Equipment Finance support businesses?

It specializes in providing equipment financing solutions to small and mid-size businesses.

What recognition has the equipment finance unit received?

It has been ranked among the Top 10 by Monitor magazine and named as one of the 'Most Innovative Companies' in 2022.