First Citizens Bank announced that its CIT Commercial Services subsidiary has completed a $6.5 million credit facility with a California-based home furnishings and apparel importer.

Under the agreement, CIT Commercial Services will also take the lead in managing a significant share of the company’s accounts receivable from a variety of retailers, enabling the client to better manage its cash flow and protect its assets and operations.

CIT Commercial Services stepped in to provide both the new credit facility and factoring services when the client’s former bank failed to find the proper financing solution.  

“This agreement is another example of how we successfully create tailored solutions for our clients, leveraging industry knowledge and expertise that set us apart from other lenders and ABL providers in the consumer product space," said Scott Shapiro, a director in CIT Commercial Services’ West Coast region.