CIT Commercial Services Provides $45 Million Credit Facility to Logistics Provider

LOS ANGELES — March. 10, 2025 — First Citizens Bank today announced that its CIT Commercial Services subsidiary provided a $45 million non-recourse factoring facility to a sponsor-owned, technology-driven logistics services company in the Mountain States region.

The transaction was referred by Silicon Valley Bank, a division of First Citizens Bank, which provided an additional asset-based credit facility supported by non-factored accounts and other assets.

By leveraging First Citizens Bank’s collective expertise in structured lending and accounts receivable management, the client gained maximum liquidity. The combined credit facilities will enhance company’s ability to optimize working capital, improve operational efficiency, and expand its global service capabilities.

This additional capital positions the company for growth, allowing it to scale operations and meet increasing market demand.

"We are proud to support a leading logistics provider with the financial flexibility they need to grow and thrive in a competitive market," said Darrin Beer, a West Coast based relationship manager with CIT Commercial Services. "This transaction demonstrates our ability to deliver tailored financing solutions that empower businesses to unlock their full potential.”

CIT Commercial Services, a subsidiary of First Citizens Bank, is one of the nation's leading providers of working capital solutions, including factoring, credit protection and accounts receivable management, supply chain finance, and asset-based lending services to domestic middle market companies.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches nationwide and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.