RALEIGH, N.C., Oct. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its CIT Commercial Services subsidiary, a national leader in factoring, credit protection and accounts receivable management solutions, recently closed three major client financing transactions.
CIT Commercial Services closed a $50 million factoring facility, which provides availability against both accounts receivable and inventory, to a Midwest-based supplier of home comfort products that are sold through major ecommerce sites, big box stores and brick-and-mortar retailers. The facility replaced the client's ABL facility with a major bank and will increase the client's financial flexibility without any cumbersome financial covenants. Annual factoring volume is expected to exceed $100 million.
A California-based wholesaler of health and wellness products to national online retailers and store-based pharmacy chains received working capital financing and a factoring facility.
A California-based wholesaler of socks and hosiery to large retailers and regional stores received a working capital facility and a factoring arrangement.
Both California-based companies are expected to generate in excess of $100 million in combined factoring volume, with working capital facilities totaling over $16 million.
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