PROVIDENCE – First Citizens Bank & Trust Co., a Raleigh, N.C.-based financial institution, says it is expanding its middle-market banking group to the Northeast market that includes Rhode Island.
The bank kicked off its expansion by announcing that it provided $25 million in financing to F.W. Webb Co., a large plumbing supply business based in Bedford, Mass., with a location in Warwick.
Understanding Breast Health: The Vital Role of Annual Screenings
Breast health is a critical aspect of overall well-being, and regular screenings play a vital…
Learn More
First Citizens Bank – a subsidiary of the publicly traded holding company First Citizens BancShares Inc., which has more than $200 billion in assets – says it launched its middle-market banking group in 2022 and had previously expanded to the Midwest and South Central. The group’s Northeast expansion included the hiring of Boston-based Northeast Market Executive Nate Pusey and Managing Director John Tyson, as well as New York-based Managing Director Marc Einerman. The bank acknowledged that it does not have a physical presence in the region, however.
“We’re pleased to expand our Middle Market Banking business to support clients in the Northeast,” said Brendan Chambers, who leads First Citizens Middle Market Banking. “Through a relationship-based approach, deep industry knowledge and unparalleled product expertise, our focused team of middle-market bankers is ready to serve clients with tailored financing solutions at all stages of their business journey.”
First Citizens says it can provide financial guidance to companies ranging in revenues from $75 million to $1 billion. The middle-market banking group serves a variety of industries and provides offerings that include senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending, and treasury and payment services, the bank says.
As far as potential confusion among consumers between First Citizens and Providence-based Citizens Financial Group Inc., First Citizens says it is unconcerned.
In response to questions from Providence Business News, the bank said:
“First Citizens Middle Market Banking’s services are marketed on a [business-to-business] basis, so there is less room for confusion. Also, in many cases, prospective clients come to us through our existing business verticals that may already have a relationship with the client, so that also limits any potential for confusion.”
The $25 million in the deal with F.W. Webb will be used to refinance the company’s newly constructed warehouse and distribution center with a showroom in Boston.
