CHARLOTTE, N.C., Sept. 6, 2022 /PRNewswire/ -- First Citizens Bank today announced the official launch of its Middle Market Banking unit to support the financial needs and goals of midsize businesses across the Southeastern U.S.
Headquartered in Charlotte, First Citizens Middle Market Banking is now serving clients across North Carolina and neighboring Southeastern states, including Virginia, South Carolina, Georgia and Florida, with a full-suite of banking services.
Included among the services offered are senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending and treasury and payments services. The target middle market clientele is companies with $75 million to $750 million in annual sales.
Launch of Middle Market Banking in the Southeast region follows First Citizens' merger in January with CIT Group, a leading commercial lender with long experience in serving the middle market. The combined bank features a combination of services and expertise uniquely suited to supporting middle market clients.
"As the largest family-controlled bank in the nation, First Citizens has been supporting businesses for 125 years," said Peter Bristow, president of Commercial Banking at First Citizens. "Our merger with CIT earlier this year positions us to offer middle market clients a full suite of banking services and expertise to help their companies grow and prosper."
First Citizens Middle Market Banking builds on existing CIT middle market banking capabilities in Southern California, Nebraska and Texas. Those pre-existing teams remain active and are key parts of the First Citizens growth strategy for the future.
"First Citizens is proud to launch a premier Middle Market Banking business to provide best-in-class relationship banking support in this dynamic market," said Brendan Chambers, an experienced banking executive who leads the Middle Market Banking team.
"The middle market segment encompasses some of the top business owners, entrepreneurs and family offices across the regions," Chambers said. "We understand their needs, challenges and opportunities. And we're excited to support them throughout their entire business life-cycle – from early growth stages, to sustained operational success, to eventual transition/succession."
First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money—and make more of their future. Visit firstcitizens.com. First Citizens Bank. Forever First®
John M. Moran
SOURCE First Citizens Bank