First Citizens Bank Provides $25 Million to Largest Wholesale Distributor of Plumbing, Heating and Industrial Products in Northeast

Rhea-AI Summary

First Citizens Bank has provided $25 million in financing to F.W. Webb, the largest wholesale distributor of plumbing, heating, and industrial products in the Northeastern U.S. The financing will be used to refinance F.W. Webb's newly constructed warehouse and distribution center with a showroom in Boston, Mass. This deal coincides with First Citizens Middle Market Banking's expansion of banking services to midsize businesses across the Northeast.

F.W. Webb is a third-generation privately held company with over 100 locations across nine states in the Northeast. The new warehouse is strategically located near Boston's colleges, universities, and hospitals. First Citizens Middle Market Banking aims to deliver a range of financial solutions to midsize clients through a relationship banking model, offering deposit solutions, loans, treasury services, and other banking products.

Positive

• Expansion of First Citizens Middle Market Banking services to the Northeast region
• Successful $25 million financing deal with a major regional distributor
• Strategic positioning in a growing industry sector

Negative

• None.

News Market Reaction – FCNCA

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-1.92% News Effect

On the day this news was published, FCNCA declined 1.92%, reflecting a mild negative market reaction.

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RALEIGH, N.C., July 31, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $25 million in financing to F.W. Webb, the largest wholesale distributor of plumbing, heating and industrial products in the Northeastern U.S.

The closing of this financing coincides with the announcement that First Citizens Middle Market Banking is expanding its banking services and capabilities to serve midsize business clients across the Northeast.

A third generation privately held company, F.W. Webb has over 100 locations across nine states in the Northeast serving customers that include individual contractors, commercial contractors, colleges and universities, hospitals and government agencies.

The financing provided by First Citizens Middle Market Banking will be used to refinance F.W. Webb's newly constructed warehouse and distribution center with a showroom in Boston, Mass. Located at 101 Hampden Street, the property is nearby to many of Boston's colleges, universities and hospitals.

"We appreciated working with the First Citizens team for their expertise and thoroughness in arranging this loan to refinance our new warehouse and distribution center," said Robert Mucciarone, Chief Operating Officer at F.W. Webb. "The new center is well-located and advances our business strategy during a time of steady growth for our industry." 

"We're pleased to provide this financing to F.W. Webb, a company with a longstanding history in the Northeast region, where we've just expanded our Middle Market Banking business," said Brendan Chambers, who leads First Citizens Middle Market Banking. "We look forward to future opportunities to support F.W. Webb and other businesses in the Northeast region."

"We enjoyed working with the experienced management team at F.W. Webb throughout the financing process," said Nate Pusey, Northeast Market Executive at First Citizens. "This deal is a great example of the capabilities and tailored financing solutions that we're now offering to middle market businesses throughout the Northeast."

First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

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

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SOURCE First Citizens Bank

FAQ

What is the value of the financing provided by First Citizens Bank to F.W. Webb?

First Citizens Bank provided $25 million in financing to F.W. Webb.

What will F.W. Webb use the financing for?

The financing will be used to refinance F.W. Webb's newly constructed warehouse and distribution center with a showroom in Boston, Massachusetts.

How many locations does F.W. Webb have in the Northeast?

F.W. Webb has over 100 locations across nine states in the Northeast.

What is First Citizens Bank (FCNCA) expanding in the Northeast?

First Citizens Bank is expanding its Middle Market Banking services and capabilities to serve midsize business clients across the Northeast.