First Citizens Bank’s CIT Commercial Services subsidiary recently closed three major client financing transactions, including a $50 million factoring facility, as well as working capital facilities totaling over $16 million.
First Citizens Bank’s CIT Commercial Services subsidiary completed a $6.5 million credit facility for a California-based home furnishings and apparel importer.
First Citizens Bank promoted Marc Heller to vice chairman of CIT Commercial Services, a subsidiary of First Citizens Bank, and Michael Hudgens to president of CIT Commercial Services with full responsibility for the day-to-day operation of the business.
CIT Commercial Services appointed Tom Fingleton chief strategy officer. Fingleton was previously Northeast regional manager, a role that will now be filled by Amna Mahmood, who was formerly national underwriting manager. Daniel Goll will replace Mahmood.
CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, closed a non-recourse factoring arrangement and $8 million senior secured facility for a Los Angeles-based company that sells men’s and boys’ clothing to retailers.
CIT Commercial Services, a subsidiary of First Citizens Bank, completed a $50 million factoring facility with a West Coast consumer technology firm.
CIT Commercial Services, a subsidiary of First Citizens Bank, completed a $75 million factoring facility on behalf of a consumer products wholesaler.
CIT Commercial Services, a subsidiary of First Citizens Bank, increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel.
The commercial services business of CIT hired Brian Martin, an experienced banker with broad expertise in factoring and accounts receivable financing, as a regional manager leading CIT Commercial Services in the Southeast region.
CIT Group’s Supply Chain Finance unit, part of its Commercial Services division, is expanding its capabilities, including the implementation of a new cloud-based supply chain finance platform.