NEW YORK — Jan. 7, 2025 — First Citizens Bank today announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, LLC, provided a $30 million revolving credit facility to Ice Services LLC, a distributor of cellular phones and related wireless items and services.

Founded in 2014 in Lincolnshire, Illinois, Ice Services is a leading distributor of consumer electronics and retains an exclusive supply chain partnership with Verizon, providing their products to over 36,000 retail locations annually. Ice Services operates through three primary business segments which include handset sales, accessory sales, and 3PL services enabling widespread offerings and partnerships nationwide.

“We appreciate the focused effort and expertise of CIT Northbridge in putting together this financing,” said Ed Olomon, chief financial officer at Ice Services. “The credit facility will allow Ice Services to enhance our operations with growth on the horizon as we head into 2025.”

“We are pleased to support Ice Services with this credit facility, which underscores CIT Northbridge’s commitment to empowering growth-oriented businesses in the telecommunications sector,” said Neal Legan who leads the team that advises CIT Northbridge. “Ice Services has a proven track record as a leader in cellular distribution, and we are confident that this financing will provide the flexibility they need to drive their strategic objectives and expand their market presence.” 

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by First Citizens Institutional Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com