#United States #Raleigh #First Citizens Bank #CIT Commercial Services #Working Capital Finance

First Citizens Bank Introduces Working Capital Finance Group

First Citizens Bank recently announced its strategic move to consolidate its factoring, asset-based lending, supply chain finance, international factoring, and receivables purchasing services under a new umbrella called the Working Capital Finance group. This shift aims to enhance financial solutions for middle market companies and is set to operationally transition in the fourth quarter of 2026 when it will officially adopt the First Citizens Bank branding.

Michael Hudgens, Head of Working Capital Finance, emphasized that the new name represents a commitment to providing specialized financing solutions tailored to the evolving demands of their clients. Franchise debts, cash flow management, and supply chain efficiency are more than ever a priority for businesses in today’s competitive landscape.

Streamlined Financial Services

The rebranded group will offer a comprehensive suite of financial products designed to help companies grow and scale effectively. The various services under the Working Capital Finance umbrella include:

• - Factoring: This service will help clients accelerate cash flow and improve debt collections while managing exposure to bad debts effectively.
• - Asset-Based Lending: Clients can benefit from flexible financing options, secured against accounts receivables, inventory, equipment, and other significant assets.
• - Supply Chain Finance: Aimed at fostering better supplier relationships, this service helps clients enhance working capital efficiency.
• - International Factoring: Businesses looking to expand globally will find tailored financing solutions facilitating international trade.
• - Receivables Purchasing: This option allows companies to monetize accounts receivable early, providing an off-balance-sheet financing structure.

Craig Hopper, the newly appointed Head of Asset Based Lending, stated, “With these integrated services, we aim to reinforce our client-centered approach, offering necessary tools that adapt to market fluctuations and client requirements.”

A Legacy of Trust

With First Citizens Bank’s rich history and legacy, the integration of CIT Commercial Services into the Working Capital Finance group brings decades of expertise in the factoring industry, ensuring clients are supported by seasoned professionals committed to their financial wellbeing.

First Citizens Bank has developed a reputation for delivering exceptional treasury and liquidity management, paired with a robust international banking system that caters to businesses at all growth stages. This rebranding marks a significant evolution in their service offering, reflecting their commitment to providing top-tier financial solutions.

As businesses face uncertain challenges, having access to more complete and specialized financial solutions becomes indispensable. The introduction of the Working Capital Finance group allows First Citizens Bank to reinforce its dedication to the success of middle market clients by providing customized financing options that align with their unique business needs.

To learn more about the offerings and solutions available through the Working Capital Finance group, visit firstcitizens.com/wcf.

About First Citizens Bank

Located in Raleigh, North Carolina, First Citizens Bank has built a legacy of financial strength and stability. The institution caters to personal, business, commercial, and wealth clients, ensuring comprehensive banking support across the board. With over $225 billion in assets, First Citizens stands as a leader in the financial sector, helping clients build enduring financial strength through various banking solutions nationwide. The bank is a noted figure in the Fortune 500™, further establishing its position as a top-tier U.S. financial institution.