RALEIGH, N.C., Oct. 2, 2023 /PRNewswire/ -- First Citizens Bank today announced that it is extending its brand to cover numerous commercial business verticals that previously fell under First Citizens' CIT division. This effort represents another major step towards First Citizens fully integrating CIT since its 2022 merger.
The First Citizens name and logo will be adopted by nearly all businesses within CIT's Commercial Finance group, including Energy; Healthcare Finance; Maritime Finance; Technology, Media and Telecommunications; Aerospace, Defense and Government; Capital Equipment Finance; Asset-Based and Sponsor Finance Lending; and Commercial Real Estate, among others.
"Over many years, First Citizens Bank has built substantial nationwide recognition for its strength, stability, and banking expertise, combined with deep, long-lasting client relationships," said Jim Hudak, president of the Commercial Finance group. "As these commercial lending businesses are fully integrated into the bank as a whole, this is the perfect time for us to adopt the First Citizens Bank name and leverage the bank's status as a top-tier national financial institution with unmatched expertise and client focus."
"We anticipate this alignment will simplify our go-to-market strategy and accelerate our growth trajectory, while also building our overall brand recognition," Hudak continued. "We are already seeing increased excitement for this transition among our associates and enthusiasm from our clients as well."
Under the First Citizens Bank name, the Commercial Finance group will build on its long-standing presence in the middle market and continue to leverage its talent, agility and industry knowledge that has long been associated with the businesses throughout CIT's extensive 100-year history.
The transition is expected to be completed by year-end. The CIT abbreviation, which stood for Commercial Investment Trust, will remain in use in some corners of First Citizens, such as the CIT Rail division, CIT Commercial Services and the CIT Bank online bank.
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 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. Discover more at firstcitizens.com.
SOURCE First Citizens Bank