NEW YORK, June 7, 2023 /PRNewswire/ -- First Citizens Bank today announced that Marc Heller has been promoted to the position of vice chairman of CIT Commercial Services1, a subsidiary of First Citizens Bank, and that Michael Hudgens has been promoted to the role of CIT Commercial Services president with full responsibility for the day-to-day operation of the business. The new appointments are effective July 1.
Heller has been a leader in commercial financing for more than half a century. Since joining CIT in 2004, Heller has been an integral part of CIT Commercial Services' growth and development, first as Northeast regional manager and subsequently as its president since 2016. Under his supervision, CIT Commercial Services emerged as a nationwide leader in factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.
In his new role as vice chairman, Heller will continue to actively support the business, maintaining and expanding client relations while ensuring a smooth transition of management responsibilities. Heller will also continue to provide strategic advice and guidance on business activities and new initiatives.
Since March 2022, Hudgens has served as managing director for all of CIT Commercial Services, supervising regional managers in the Northeast, Southeast and West. As president, his role will expand to include oversight of all CIT Commercial Services leaders and executives with primary responsibility for business growth. Hudgens has deep experience in factoring and other financial services. He is a veteran of 35 years with CIT Commercial Services, including more than a decade as Southeast regional manager.
"I want to congratulate Marc Heller and Mike Hudgens on their new roles, as we look to accelerate growth in CIT Commercial Services and continue positioning the business for long-term success," said Peter Bristow, president of First Citizens Bank. "We are extremely fortunate to have two extraordinary individuals with unparalleled expertise in this field leading our business and supporting our clients."
"CIT Commercial Services is a unique lender with outstanding experience and expertise," Heller said. "I am pleased to continue supporting the business and its existing clients while continuing to collaborate with Mike Hudgens to introduce new consumer products companies to the many ways we can help them better finance their operations and growth."
"I am proud to assume the position of president of CIT Commercial Services, widely known as one of the best and most experienced lenders in the field," Hudgens said. "After all we've accomplished, our business still has tremendous room for growth and I look forward to helping us realize that potential in the months and years ahead."
These latest announcements come on the heels of other recent changes in CIT Commercial Services as the business continues to align itself for success. Last month, First Citizens announced that Thomas Fingleton had been named chief strategy officer for CIT Commercial Services, with Amna Mahmood being promoted to Northeast regional manager and Daniel Goll being named national underwriting manager.
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.
1 CIT Commercial Services primarily conducts business through The CIT Group/Commercial Services, Inc., a wholly-owned indirect subsidiary of First-Citizens Bank & Trust Company (Member FDIC). Certain of CIT Commercial Services products and services are provided through First-Citizens Bank & Trust Company.
SOURCE First Citizens Bank