RALEIGH, N.C., — September 15, 2026 — First Citizens Bank today announced that it has provided a $35 million ABL Revolver to Banner House, a leading home furnishings company formerly known as Magnussen Home. Banner House brings together several iconic furniture brands, including Magnussen Home, Pulaski Furniture, Samuel Lawrence Furniture (SLF), Kincaid Furniture and American Drew, under a unified corporate platform designed to serve retailers across a broad range of styles and price points. The company adopted the Banner House identity as part of its evolution from a single-brand organization into a diversified portfolio of complementary furniture brands.

The new ABL Revolver will support Banner House's ongoing working capital needs and strategic growth initiatives as the company continues to strengthen its position within the home furnishings industry. Banner House's portfolio combines decades of brand heritage, product innovation and retail partnerships, creating a comprehensive offering across the residential furniture market.

"We selected First Citizens Bank because of their longstanding commitment to the furniture industry and their understanding of the unique operating dynamics of our business,” said Doug Townsend, President of Banner House. “This financing allows us to pursue our strategic vision of preserving iconic furniture brands while delivering greater value across our retailer network and to the consumers Banner House serves.”

The financing was led by CIT Commercial Services, which will begin operating as Working Capital Finance later this year when it officially rebrands to First Citizens Bank.

“Banner House represents the type of relationship-driven company that that has long been at the center of our approach to commercial banking," said Mike Hudgens, Head of Working Capital Finance at First Citizens Bank. “Our furniture industry heritage spans generations, and we remain committed to helping industry leaders access capital, expertise, and strategic partnerships they need to succeed. We are proud to provide this tailored financing solution and support Banner House and its family of brands as they continue to execute on their long-term growth strategy.”

About Banner House:
Banner House is a growing family of storied brands offering expertly crafted bedroom, dining, occasional, home entertainment and home office furniture. Known for design leadership, product quality, and value, the company blends traditional craftsmanship with a global sourcing network to serve retailers across North America. For more information, visit www.bannerhouse.com.

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 with 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 $225 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

Media Contact:
Sarah Rutledge
Sarah.rutledge@firstcitizens.com