NEW YORK — May 1, 2023 — First Citizens Bank today announced that its Commercial Finance group, part of the CIT division, has arranged financing on behalf of Sabatino Tartufi (Sabatino).
Based in West Haven, Connecticut, Sabatino Tartufi is the world's largest truffle specialist and is still family owned and operated. Sabatino Tartufi carries only the most highly regarded truffle species and offers a range of high-quality truffle products.
The most renowned chefs use Sabatino’s broad assortment of products in the finest kitchens in the world. The company also offers consumers the opportunity to use these products in their own kitchens with a line sold at specialty stores nationwide.
“We worked hard to understand the needs of Sabatino and were pleased to support them with financing that helps advance their objectives," said Chris Esposito, a CIT business unit leader and managing director.
“Sabatino is well recognized as a leader in their industry and we were pleased to leverage our financing expertise to meet their needs,” said Geoffrey Samuels, a director of originations with CIT.
Asset-Based Lending meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank 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 550 branches and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
John M. Moran