First Citizens Bank launched a middle-market banking unit to support the financial needs and goals of midsized businesses across the Southeast. Headquartered in Charlotte, NC, the new unit now serves clients across North Carolina and neighboring states, including Virginia, South Carolina, Georgia and Florida.
This launch follows First Citizens’ merger in January with CIT. The combined bank features a combination of services and expertise uniquely suited to supporting middle-market clients.
Among the services offered by the new group are senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending and treasury and payments services. The target middle-market clientele for the group is companies with $75 million to $750 million in annual sales.
“As the largest family-controlled bank in the nation, First Citizens has been supporting businesses for 125 years,” Peter Bristow, president of commercial banking at First Citizens, said. “Our merger with CIT earlier this year positions us to offer middle-market clients a full suite of banking services and expertise to help their companies grow and prosper.”
First Citizens Middle Market Banking builds on existing CIT middle-market banking capabilities in Southern California, Nebraska and Texas. Those pre-existing teams remain active and are key parts of First Citizens’ growth strategy for the future.
“First Citizens is proud to launch a premier middle-market banking business to provide best-in-class relationship banking support in this dynamic market,” Brendan Chambers, who leads the new middle-market banking team, said. “The middle-market segment encompasses some of the top business owners, entrepreneurs and family offices across the regions. We understand their needs, challenges and opportunities. And we’re excited to support them throughout their entire business life cycle, from early growth stages to sustained operational success to eventual transition/succession.”
