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.
CIT Group added Jerry Younts to its Commercial Services team as a senior business development officer. Younts will be responsible for offering factoring and asset-based financing services.
Marc Adelson joined CIT’s Commercial Services business as managing director and Northeast regional manager. Adelson joined from Monroe Capital where he was a managing director.
CIT Commercial Services appointed Darrin Beer as western regional sales and portfolio manager. Beer has served with CIT since 1999, when it acquired the factoring portfolio of Heller Financial.
It seems like only yesterday that the mall replaced Main Street as the place to hang out with friends, grab a burger or hunt for a pair of trendy jeans. Now the internet and social media have turned many malls into ghost towns as brick-and-mortar stores struggle to stay afloat and kids hang out on Snapchat and Instagram instead of the food court. But many malls are fighting back and using technology to reinvent themselves. Writer/editor Natalie Burg reports that malls aren’t dead yet.