NEW YORK — April 9, 2025 — First Citizens Bank today announced that its Asset-Based Lending business upsized a revolving credit facility for D.P. Nicoli to $50 million.

D.P. Nicoli, a provider of steel plate and trench shoring rental equipment in the Pacific Northwest, Northern California, Idaho and Utah, intends to use this capital to fund growth and expansion, as well as working capital needs.

“We appreciated the expertise and agility of First Citizens Bank’s Asset-Based Lending team in arranging this expanded credit facility,” said David P. Nicoli, the founder and chief executive offer of D.P. Nicoli. “Our business is poised for growth, as demonstrated by our recent expansion into Salt Lake City. We continue to work strategically with institutions like First Citizens Bank, which has supported us for over three years now. In furthering our continued growth and success, D.P. Nicoli received additional support from Cyprium Investment Partners through a subordinated facility and Paralign Capital Partners providing structured equity and corporate financial advisory services.”

“We are pleased to provide this new commitment to D.P. Nicoli as they continue to be a leading provider in equipment that is essential to safe and effective construction below ground level,” said Chris Esposito, managing director and group head for Asset Based Lending at First Citizens Bank. “Our work with D.P. Nicoli reflects our client-centric focus and long-term thinking that helps clients reach their business objectives.”

First Citizens Asset-Based Lending, part of the company’s Commercial Finance group, 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., 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 branches and offices nationwide; 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 and a member of the Fortune 500™. Discover more at firstcitizens.com.

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