First Citizens Bank’s CIT Commercial Services subsidiary recently closed three major client financing transactions, including a $50 million factoring facility, as well as working capital facilities totaling over $16 million.
First Citizens Bank promoted Marc Heller to vice chairman of CIT Commercial Services, a subsidiary of First Citizens Bank, and Michael Hudgens to president of CIT Commercial Services with full responsibility for the day-to-day operation of the business.
CIT Commercial Services appointed Tom Fingleton chief strategy officer. Fingleton was previously Northeast regional manager, a role that will now be filled by Amna Mahmood, who was formerly national underwriting manager. Daniel Goll will replace Mahmood.
The commercial services business of CIT hired Brian Martin, an experienced banker with broad expertise in factoring and accounts receivable financing, as a regional manager leading CIT Commercial Services in the Southeast region.
CIT reorganized its commercial services factoring business, with Marc Heller, president of CIT commercial services, now reporting directly to Peter Bristow, president of First Citizens Bank, and Michael Hudgens now leading commercial services as managing director and group head.
CIT Trade Finance Southeast regional manager, Michael Hudgens says certain sectors of the furniture industry benefited during the recession and notes that pent-up demand is driving sales and the outlook for the sector is positive.