First Citizens BancShares in Raleigh, N.C., has formed a unit to offer middle-market banking services.
The $108 billion-asset company, which acquired CIT Group in January, said in a press release Tuesday that the Charlotte unit will focus on North Carolina, Virginia, South Carolina, Georgia and Florida.
First Citizens will offer senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending and treasury and payments services. Clients will typically have $75 million to $750 million of annual sales.
“Our merger with CIT earlier this year positions us to offer middle-market clients a full suite of banking services and expertise to help their companies grow and prosper,” Peter Bristow, First Citizens’ president of commercial banking, said in the release.
CIT already offers middle-market banking services in Southern California, Nebraska and Texas.