First Citizens Bank is bringing together its factoring, asset-based lending, supply chain finance, international factoring and receivables purchasing businesses into one group called working capital finance. Currently, these businesses are operating as CIT Commercial Services, which provides middle market consumer companies with a range of solutions to help manage cash flow, increase borrowing capacity and improve supply chain efficiency. The business will begin operating as working capital finance in Q4 when it officially rebrands to First Citizens Bank.
“For decades, we have been a leader in serving the factoring industry and, as part of First Citizens Bank, we’ve been strengthening our business to best serve the evolving needs of our clients,” Michael Hudgens, head of working capital finance at First Citizens Bank, said. “Our new name better reflects the capabilities and the specialized financing we offer as a working capital solutions provider. Our clients have access to an expanded suite of financing and treasury solutions specifically designed to help them grow and scale their business.”
First Citizens Bank Working Capital Finance offers a wide range of financing and treasury solutions, including:
- Factoring to help accelerate cash flow, improve collections and control exposure to bad debts.
- Asset-based lending to provide flexible financing secured by accounts receivables, inventory, equipment and other assets.
- Supply chain finance to strengthen supplier relationships while improving working capital efficiency.
- International factoring to support global growth with financing solutions designed for international trade.
- Receivables purchasing to monetize accounts receivable early through an off-balance-sheet financing structure.
“The client is at the center of everything we do. By bringing together these solutions and capabilities, we are delivering an even stronger platform for the client to access the specialized financing it needs,” Craig Hopper, the new head of asset-based lending at First Citizens Bank, said. “Our working capital finance clients will benefit from our combined industry and product expertise as well as the stability and relationship driven approach of First Citizens Bank.”
