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, 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.
First Citizens Bank completed its conversion from OneWest Bank to First Citizens’ operations and systems division. This conversion integrates OneWest Bank customer accounts into First Citizens products and services.
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.
First Citizens Bank’s middle-market banking business provided up to $50 million as a senior secured line of credit to an affiliate of Morningstar Properties, an investor in and operator of self-storage facilities.
First Citizens Bank hired Linda Stanley as a relationship manager for its middle-market banking business. In this role, Stanley will be responsible for developing, maintaining and expanding client and prospect relationships in the middle-market financing sector.
CIT’s real estate finance business provided a $37.2 million loan to Aminim Group to finance the acquisition of a bulk distribution facility in Pittsburgh.
CIT, a division of First Citizens Bank, launched a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment. Shawn Foy will lead the new vertical.
CIT reorganized its commercial services factoring business, with Marc Heller, president of CIT commercial services, now reporting directly to Peter Bristow, president of First Citizens Bank, and Michael Hudgens now leading commercial services as managing director and group head.