Since June 2023, Michael Hudgens has led CIT Commercial Services as president, overseeing regional managers across the Northeast, Southeast, and West, directing First Citizens’ International Factoring business and overseeing the Supply Chain Finance group. Under his leadership, CIT is redefining how factoring and working capital solutions serve a broader range of industries.
Hudgens sees factoring as an underused tool in commercial finance, offering credit protection, accounts receivable management and liquidity — critical benefits for companies in the B2B space. His background includes navigating major industry shifts in the Southeast, from textiles to furniture, and expanding into bulk receivables purchases, supply chain finance and asset-based lending.
As Commercial Services president, Hudgens aimed to extend factoring beyond traditional sectors. CIT’s bulk purchase offering, a non-recourse factoring derivative, boosts liquidity without adding debt. Its off-balance-sheet structure is especially appealing to sponsor-owned businesses.
Hudgens focuses on clear communication and aligning the team with a shared vision. He keeps this vision visible — literally — on the whiteboard in his office, a daily reminder of the mission and strategy.
One key initiative under his leadership was revitalizing CIT’s dormant bulk purchasing product. After the First Citizens acquisition of Silicon Valley Bank, client demand returned. CIT’s deep underwriting and credit expertise now help it stand out among the few banks offering bulk purchasing.
Hudgens emphasizes calculated innovation. New ideas go through pilot programs and client surveys before broader rollout. A strong example is CIT’s supply chain finance business, launched slowly, refined with feedback and now thriving. Clients are satisfied and the team is optimistic about continued growth.
By mixing forward-thinking leadership with careful execution, Hudgens is repositioning CIT Commercial Services as a modern force in commercial finance—elevating factoring from a niche tool to an increasingly meaningful source of business value.
