LOS ANGELES, Feb. 15, 2023 /PRNewswire/ — CIT Commercial Services, a wholly-owned subsidiary of First Citizens Bank, today announced that it has 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 worked closely with the growing apparel company to create a flexible arrangement to support the company’s unique working capital and accounts receivable management needs.
“We were able to develop an attractive financing facility to support our client’s business goals as they continue to grow,” said Darrin Beer, western regional manager for CIT Commercial Services.
“We continuously strive to create tailored solutions for our clients that set us apart from other lenders and ABL providers in the consumer product space,” added Mike Earnhart, western regional sales manager.
CIT Commercial Services is one of the nation’s leading providers of working capital financing, supply chain financing, credit protection and accounts receivable management to consumer product companies.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.
Lexa Tutela Losey
SOURCE CIT, a division of First Citizens Bank
Originally published at https://www.prnewswire.com/news-releases/cit-closes-8-million-factoring-facility-for-los-angeles-based-apparel-company-301747025.html
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