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First Citizens Bank Expanding Brand to Cover Multiple Commercial Business Verticals

On October 2, 2023, First Citizens Bank made an announcement regarding its plans to extend its brand to encompass various commercial business verticals that were previously under the First Citizens’ CIT division. This move is seen as a significant step towards the full integration of CIT since the merger in 2022.

Under the new strategy, the First Citizens name and logo will be adopted by almost all businesses within CIT’s Commercial Finance group, including sectors such as Energy, Healthcare Finance, Maritime Finance, Technology, Media and Telecommunications, Aerospace, Defense and Government, Capital Equipment Finance, Asset-Based and Sponsor Finance Lending, and Commercial Real Estate, among others.

Jim Hudak, the president of the Commercial Finance group, acknowledged the long-standing recognition that First Citizens Bank has established nationwide for its strength, stability, and banking expertise, along with its enduring client relationships. Hudak believes that adopting the First Citizens Bank name at this juncture will enable the business to leverage its status as a top-tier national financial institution with unparalleled expertise and client focus. He anticipates that this alignment will simplify the go-to-market strategy, accelerate growth, and enhance overall brand recognition. Both associates and clients have already shown enthusiasm for this transition.

The Commercial Finance group, now operating under the First Citizens Bank name, will continue to build on its established presence in the middle market and utilize its talent, agility, and industry knowledge, which have been associated with CIT throughout its extensive 100-year history.

The complete transition is expected to be finalized by the end of the year. Nevertheless, the abbreviation CIT, representing Commercial Investment Trust, will continue to be used in some areas of First Citizens, such as the CIT Rail division, CIT Commercial Services, and the CIT Bank online bank.

The introduction of the AI legalese decoder can greatly facilitate this transition process. By utilizing AI technology, the legalese decoder can transform complex legal language into easily understandable terms. This tool will be immensely helpful in ensuring that the integration and rebranding efforts proceed smoothly, minimizing any confusion or misinterpretation of legal documentation or contracts.

About First Citizens Bank:
First Citizens Bank is dedicated to helping personal, business, commercial, and wealth clients build enduring financial strength. With its headquarters located in Raleigh, N.C., and celebrating its 125th anniversary, First Citizens has established a unique legacy of strength, stability, and long-term thinking that has spanned several generations. The bank offers a range of general banking services across a network of more than 500 branches and offices in 30 states. Additionally, it provides expert commercial banking services nationwide, including lending, leasing, and other financial services. First Citizens also offers innovation banking tailored to businesses at every stage and operates a nationwide direct bank. Its parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is ranked among the top 20 U.S. financial institutions with assets exceeding $200 billion. For more information, please visit firstcitizens.com.

MEDIA RELATIONS:
For media inquiries, please contact Lexa Tutela Losey at 212-461-5305 or email [email protected].

Source:
First Citizens Bank

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