The middle market banking business of First Citizens Bank provided a $60 million loan to Bahakel Communications to refinance existing debt and help finance future growth opportunities.
Bahakel Communications is a family owned-and-operated radio and television broadcast company headquartered in Charlotte, NC, with additional locations in South Carolina, Alabama, Tennessee and Colorado. The company’s digital agency arm, Bahakel Digital, offers a variety of marketing and advertising services, including website design, social media management and advertising and search engine marketing.
“We’ve successfully grown and sustained our operations for 75 years and this financing will help us sustain and advance our business into the future,” Beverly Bahakel Poston, CEO at Bahakel Communications, said. “We appreciated First Citizens’ expertise in arranging financing that aligns with our business objectives.”
“We’re pleased to have arranged financing for Bahakel Communications,” Brendan Chambers, managing director and group head for First Citizens’ middle-market banking business, said. “First Citizens has supported the Bahakel Family through our wealth management offerings, and we’re grateful for the opportunity to strengthen our relationship by providing financing to support the future success of their business.”
