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CIT Reorganizes Structure for Factoring Business

March 08, 2022, 08:00 AM

CIT, a division of First Citizens Bank, announced a reorganization of its Commercial Services factoring business to position it for accelerated growth by providing even better service for clients and prospects.

CIT Commercial Services is one of the nation's leading providers of factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.

Under the reorganization announced today, Commercial Services President Marc Heller will report directly to Peter Bristow, First Citizens Bank president overseeing commercial banking following the Jan. 4 merger of First Citizens and CIT. In addition, 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.

“Longer term, we look forward to Marc’s continued guidance during our ongoing focus on successfully integrating CIT and its Commercial Services business into First Citizens Bank,” Bristow added. “We anticipate this new structure will enable us to be even more agile in supporting clients now and in the future .”

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