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First Citizens BancShares Inc., the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc., the parent company of CIT Bank, N.A., jointly announced the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation.The merger has already received approval from the Office of the North Carolina Commissioner of Banks.Completion of the proposed merger remains subject to approval from the Board of Governors of the Federal Reserve Read Story

Filed Under: Banking News
July 15, 2021 @ 08:01 AM

B. Riley Advisory Services, a subsidiary of B. Riley Financial Inc, has been retained as restructuring advisor for Limetree Bay Refining, LLC.Limetree Bay Refining, LLC and several of its affiliates (collectively, “Limetree Bay” or the “Company”) has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. Limetree Bay intends to use the Chapter 11 process to engage in discussions with its lenders, creditors Read Story

Filed Under: Oil & Gas
July 15, 2021 @ 08:00 AM

Star Mountain Capital closed a $225 million asset-based leverage facility from top quality institutional investors led by ING Capital. The lending group consists of ING, CIT, TIAA Bank, Axos Bank, East West Bank, Georgia Banking Company and Customers Bank. This leverage facility for Star Mountain’s Strategic Credit Income Fund 3 provides additional capital to make value-added debt and equity investments in established U.S. small and medium-size businesses that generally have between $15 million Read Story

Filed Under: Private Equity News
July 23, 2021 @ 08:00 AM

Gerber Finance, an eCapital portfolio company and leading finance partner for companies experiencing accelerated growth, announced the appointment of Karim Habib as Managing Director, Business Lending – Canada. The expansion marks Gerber’s first office in Canada, where it will now provide its signature customized asset-based lending solutions to consumer packaged goods companies.  Habib previously held the same position for eCapital’s Commercial Finance division and brings more than 25 years of Read Story

July 16, 2021 @ 08:10 AM

White Oak Commercial Finance is expanding its retail offering with the formation of its new National Retail Finance Group to meet the growing demand for custom funding solutions by retail companies pivoting their business models to meet fast-changing market trends, including the industry’s increased investment in ecommerce.The White Oak teams driving the effort span the U.S. and include this newly formed group led by Bill Kearney, as well as senior regional executives Martin Efron, Charles Sharf Read Story

Filed Under: Retail
July 21, 2021 @ 08:10 AM

2021-08-05 22:31