First Citizens Bank rebranded its vendor equipment financing business to First Citizens Bank Equipment Finance. Formerly known as CIT Business Capital, the vendor finance business became a part of First Citizens Bank in January 2022 as a result of the bank’s merger with CIT Group.
“This brand transition is about much more than just clarifying our message to the market,” Peter Bristow, who oversees the commercial banking segment as president of First Citizens Bank, said. “It also signifies our renewed commitment to excellence in delivering financial solutions and services to equipment vendors and individual customers alike.
“Our advanced technology platforms, industry-leading expertise and dedicated team are unmatched when it comes to providing equipment financing with speed and certainty of execution.”
CIT Business Capital, now First Citizens Bank Equipment Finance, consistently ranks in the top 10 of the Monitor 100 and was one of Monitor’s most innovative companies for 2022.
Mike Jones, president of First Citizens Bank Equipment Finance, said he expects that the new brand identity will help accelerate growth.
“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.
“The CIT name was long associated with excellence in equipment finance. We want our industry to know that that commitment is stronger than ever. Being a part of First Citizens Bank gives us even greater financial strength and a wider range of solutions to benefit our customers.”
Other First Citizens Bank equipment finance units include equipment financing and leasing, led by Bob Radford as senior vice president, and CIT Capital Equipment Finance, led by Kevin Ronan as managing director.
While the name change is effective immediately, First Citizens Bank expects it will take several weeks to fully implement the transition as instances of the former brand are systematically updated.
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