CIT Announces New Organizational Structure for Factoring Business

NEW YORK, March 7, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced a reorganization of its Commercial Services the factoring business to position it for accelerated growth by providing even better service to customers and prospects.

ICT Commercial Services is a leading national provider of factoring, credit protection, accounts receivable management and lending services to consumer products companies, manufacturers, dealers, importers and resellers.

As part of the reorganization announced today, the President of Commercial Services Marc Heller will report directly to Peter Bristowchairman of First Citizens Bank overseeing commercial banking following the January 4 merger of First Citizens and CIT. Besides, Michael Hudgens will now lead Commercial Services as Managing Director and Group Head, with Regional Directors reporting to him.

“CIT has long been recognized throughout the industry as a leader in factoring financing, which is especially important and valuable in today’s rapidly changing market conditions,” Bristow said. “We are pleased to leverage the continued strategic direction and insight of Marc Hellerrecognized for its expertise in this sector, while welcoming Mike Hugens to his new leadership role.

“Longer term, we look forward to Marc’s continued guidance as we continue to focus on the successful integration of CIT and its commercial services business into First Citizens Bank,” Bristow added. “We anticipate that this new structure will allow us to be even more agile in supporting our customers today and in the future.”

With a strong focus on relationship banking, First Citizens is dedicated to creating more value for customers through a broader range of products and services, increased commercial lending proficiency, an operating model distributed and a large geographic footprint.

About CIT
CIT is a division of First Citizens Bank, the largest family bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more about cit.com/firstcitizens.

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SOURCE CIT, a division of First Citizens Bank