Banking News

First Citizens Bank Extends Its Brand to Legacy CIT Business Verticals

First Citizens Bank Extends Its Brand to Legacy CIT Business Verticals

First Citizens Bank announced that it is extending its brand to cover numerous commercial business verticals that previously fell under First Citizens’ CIT division. This effort represents another major step towards First Citizens fully integrating CIT since its 2022 merger.

The First Citizens name and logo will be adopted by nearly all businesses within CIT’s Commercial Finance group, including Energy; Healthcare Finance; Maritime Finance; Technology, Media and Telecommunications; Aerospace, Defense and Government; Capital Equipment Finance; Asset-Based and Sponsor Finance Lending; and Commercial Real Estate, among others.

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“Over many years, First Citizens Bank has built substantial nationwide recognition for its strength, stability, and banking expertise, combined with deep, long-lasting client relationships,” said Jim Hudak, president of the Commercial Finance group. “As these commercial lending businesses are fully integrated into the bank as a whole, this is the perfect time for us to adopt the First Citizens Bank name and leverage the bank’s status as a top-tier national financial institution with unmatched expertise and client focus.”

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“We anticipate this alignment will simplify our go-to-market strategy and accelerate our growth trajectory, while also building our overall brand recognition,” Hudak continued. “We are already seeing increased excitement for this transition among our associates and enthusiasm from our clients as well.”

Under the First Citizens Bank name, the Commercial Finance group will build on its long-standing presence in the middle market and continue to leverage its talent, agility and industry knowledge that has long been associated with the businesses throughout CIT’s extensive 100-year history.

The transition is expected to be completed by year-end. The CIT abbreviation, which stood for Commercial Investment Trust, will remain in use in some corners of First Citizens, such as the CIT Rail division, CIT Commercial Services and the CIT Bank online bank.

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