NEW YORK — June 6, 2023 — First Citizens Bank today announced that its Asset-Based Lending group, part of the CIT division, has provided a revolving credit facility to Signature Brands.
Headquartered in Ocala, Florida, Signature Brands is a leading provider of dessert decoration and seasonal celebration products under beloved household brands such as Betty Crocker, Cake Mate, Brand Castle, PAAS, Pumpkin Masters, and GiftPop. Proceeds from the financing will be used to refinance an existing facility and provide working capital for operations and growth opportunities.
“Signature Brands has outstanding relationships with many of the largest and most important retailers across North America,” said Chris Esposito, managing director and leader of the CIT Asset-Based Lending team. “We appreciated the opportunity to support their business needs with this financing and look forward to providing additional banking products to serve their ongoing financial needs.”
“The products made by Signature are household names across North America,” said Geoffrey Samuels, a director on the CIT Asset-Based Lending team. “We were pleased to leverage our expertise to meet their requirements.”
CIT Asset-Based Lending meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.