First Citizens Bank Closes More Than $66MM in Financings With Consumer Products Companies

First Citizens Bank announced that its CIT Commercial Services subsidiary, a national leader in factoring, credit protection and accounts receivable management solutions, closed three major client financing transactions.

• CIT Commercial Services closed a $50 million factoring facility, which provides availability against both accounts receivable and inventory, to a Midwest-based supplier of home comfort products that are sold through major ecommerce sites, big box stores and brick-and-mortar retailers. The facility replaced the client's ABL facility with a major bank and will increase the client's financial flexibility without any cumbersome financial covenants. Annual factoring volume is expected to exceed $100 million.

• A California-based wholesaler of health and wellness products to national online retailers and store-based pharmacy chains received working capital financing and a factoring facility.

• A California-based wholesaler of socks and hosiery to large retailers and regional stores received a working capital facility and a factoring arrangement.

Both California-based companies are expected to generate in excess of $100 million in combined factoring volume, with working capital facilities totaling over $16 million.

"CIT Commercial Services is a client-focused, relationship-oriented business with a high-touch approach to service," said Michael Hudgens, president of CIT Commercial Services. "Once they get to know us, our clients often work with us for years and even decades for the financing, credit protection and accounts receivable services they need to grow their business over the long term."

A subsidiary of First Citizens Bank, CIT Commercial Services is one of the nation's leading providers of factoring, credit protection, accounts receivable management, supply chain finance and lending services to domestic middle market companies.