California Apparel News

CIT, a division of First Citizens Bank, has announced a reorganization of its Commercial Services factoring business.

CIT Commercial Services is a provider of factoring, credit protection, accounts-receivable management and lending services to consumer-product companies, manufacturers, dealers, importers and resellers. The reorganization is expected to position CIT for accelerated growth by providing even better service for clients and prospective clients.

Under the reorganization, Commercial Services President Marc Heller will report directly to Peter Bristow, president of First Citizens Bank, who oversees commercial banking following the merger between First Citizens and CIT. Michael Hudgens will now lead Commercial Services as managing director and group head, with regional managers reporting to him.

“CIT has long been recognized industrywide as a leader in factoring finance, which is especially important and valuable in today’s fast-moving market conditions,” Bristow said. “We are pleased to leverage the ongoing strategic direction and insight of Marc Heller, who is well-known for his expertise in this sector, while welcoming Mike Hudgens to his new leadership role.”

CIT became a division of First Citizens Bank after the completion of a merger between the two companies in January. The merger resulted in First Citizens becoming a top-20 financial institution in the United States, with more than $100 billion in assets. First Citizens has been recognized as a leader in small business and middle-market banking, receiving 22 Greenwich Excellence and Brand awards for 2021, 17 in the Small Business Banking category and five in the Middle Market Banking Category.