Middle market companies gain access to expanded suite of financing and treasury solutions
RALEIGH, N.C., Aug. 4, 2026 /PRNewswire/ — First Citizens Bank today announced that it is bringing together its factoring, asset-based lending, supply chain finance, international factoring, and receivables purchasing businesses into one group called Working Capital Finance. Currently these businesses are operating as CIT Commercial Services, which provides middle market consumer companies with a range of solutions to help manage cash flow, increase borrowing capacity, and improve supply chain efficiency. The business will begin operating as Working Capital Finance in Q4 when it officially rebrands to First Citizens Bank.
“For decades, we have been a leader in serving the factoring industry and, as part of First Citizens Bank, we’ve been strengthening our business to best serve the evolving needs of our clients,” said Michael Hudgens, Head of Working Capital Finance at First Citizens Bank. “Our new name better reflects the capabilities and the specialized financing we offer as a working capital solutions provider. Our clients have access to an expanded suite of financing and treasury solutions specifically designed to help them grow and scale their business.”
First Citizens Bank Working Capital Finance offers a wide range of financing and treasury solutions, including:
- Factoring to help accelerate cash flow, improve collections, and control exposure to bad debts.
- Asset-based lending to provide flexible financing secured by accounts receivables, inventory, equipment, and other assets.
- Supply chain finance to strengthen supplier relationships while improving working capital efficiency.
- International factoring to support global growth with financing solutions designed for international trade.
- Receivables purchasing to monetize accounts receivable early through an off-balance-sheet financing structure.
“The client is at the center of everything we do. By bringing together these solutions and capabilities, we are delivering an even stronger platform for the client to access the specialized financing it needs,” said Craig Hopper, the new Head of Asset Based Lending at First Citizens Bank. “Our Working Capital Finance clients will benefit from our combined industry and product expertise as well as the stability and relationship driven approach of First Citizens Bank.”
First Citizens’ Commercial Bank offers a wide range of financial solutions including treasury and liquidity management, international banking, and specialized commercial lending. Earlier this year, First Citizens Bank announced that CIT Commercial Services, as well as its Silicon Valley Bank division, will rebrand as First Citizens Bank, First Citizens Innovation Banking and First Citizens Fund Banking.
For more information on First Citizen’s Bank Working Capital Finance group, please visit: firstcitizens.com/wcf
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 with branches and offices nationwide; 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 $225 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
Media Contact
Katie Ellis
Katie.Ellis@firstcitizens.com
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SOURCE First Citizens Bank
