Crestmark Buys First Citizens Bank Working Capital Loan Portfolio
Crestmark announced the purchase of the working capital portfolio of North Carolina-headquartered First Citizens Bank and the institution of a strategic partnership that will strengthen the support and diversity of lending products offered to First Citizens clients.
Through this partnership, Crestmark Bank will provide asset-based lending, recourse and non-recourse factoring, and other working capital services to First Citizens customers. First Citizens will continue to maintain and serve clients’ primary banking and traditional lending relationships. Terms of the agreement are not being disclosed.
“Crestmark has the utmost respect for the service and attention that First Citizens provides their clients, and we’re glad to be in a position to provide more flexible financing tools to further help their clients and plan to do so with the same high-quality service they are accustomed to,” said Jim Rothman, Crestmark group president. “First Citizens is a well-respected bank, noted for its strength, stability and focus on its customers, and we look forward to a long partnership with them.”
“After consideration of the bank’s goals for the future, First Citizens recognized the need for a partner that could offer a broader range of working capital options to a larger group of client companies,” said Tom Harris, senior vice president, First Citizens Bank. “Crestmark is highly regarded in providing working capital solutions and matches well with First Citizens’ lending capabilities and full complement of relationship banking products. Together, we will continue to provide our clients with the highest level of service.”
Crestmark is a FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring.
First Citizens provides a broad range of financial services to individuals, small to mid-sized businesses, professionals and the medical community.