CIT, a division of First Citizens Bank, reorganized its commercial services factoring business. Under the reorganization, Marc Heller, president of CIT commercial services, will report directly to Peter Bristow, president of First Citizens Bank, who began overseeing commercial banking following the Jan. 4 merger of First Citizens and CIT. In addition, Michael Hudgens will now lead commercial services as managing director and group head, with regional managers reporting to him.
“CIT has long been recognized industry-wide as a leader in factoring finance, which is especially important and valuable in today’s fast-moving market conditions,” Bristow said. “We are pleased to leverage the ongoing strategic direction and insight of Marc Heller, who is well-known for his expertise in this sector, while welcoming Mike Hudgens to his new leadership role.
“Longer term, we look forward to Marc’s continued guidance during our ongoing focus on successfully integrating CIT and its commercial services business into First Citizens Bank. We anticipate this new structure will enable us to be even more agile in supporting clients now and in the future.”
