LOS ANGELES, Aug. 21, 2023 /PRNewswire/ -- First Citizens Bank today announced that its CIT Commercial Services subsidiary has completed a $6.5 million credit facility with a California-based home furnishings and apparel importer.
Under the agreement, CIT Commercial Services will also take the lead in managing a significant share of the company's accounts receivable from a variety of retailers, enabling the client to better manage its cash flow and protect its assets and operations.
CIT Commercial Services stepped in to provide both the new credit facility and factoring services when the client's former bank failed to find the proper financing solution.
"This agreement is another example of how we successfully create tailored solutions for our clients, leveraging industry knowledge and expertise that set us apart from other lenders and ABL providers in the consumer product space," said Scott Shapiro, a director in CIT Commercial Services' West Coast region.
CIT Commercial Services is one of the nation's leading providers of working capital financing, supply chain financing, credit protection and accounts receivable management to consumer product companies.
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. Discover more at firstcitizens.com.
SOURCE First Citizens Bank