According to an announcement late February, First Citizens Bank & Trust Company is changing the name of its vendor equipment financing business to further elucidate its core mission.
The division, which came along with First Citizens’ 2022 merger with CIT Group Inc., has been known as CIT Business Capital. It will now be called First Citizens Bank Equipment Finance to highlights its role in providing equipment financing solutions through technology-enabled platforms and structuring expertise.
“This brand transition is about much more than just clarifying our message to the market,” First Citizens Bank President Peter Bristow told PR Newswire. “It also signifies our renewed commitment to excellence in delivering financial solutions and services to equipment vendors and individual customers alike.”
The new identity is expected to help accelerate growth, President of First Citizens Bank Equipment Finance, Mike Jones, told PR Newswire. Trade publication Monitor Magazine has consistently ranked the business amongst the top 10 companies.
“We process millions of transactions a year with outstanding speed and accuracy, setting us apart as a service leader in our sector and as a technological innovator,” Jones said. “As a result of this transition, our name now finally communicates to the market exactly what we do best.”
Founded in 1898, First Citizens is the largest family-controlled bank in the US with 500+ branches in 22 states. Its parent company, First Citizens BancShares, Inc., has more than $100 billion in assets.