CIT has reorganized its Commercial Services factoring business “to position it for accelerated growth by providing even better service for clients and prospects,” the company said, noting that CIT Commercial Services offers factoring, supply chain financing, credit protection, and accounts receivable management, among other services, to suppliers, dealers, import companies and resellers.
As a result, Marc Heller, CIT Commercial Services president, will report to Peter Bristow, president of parent company, First Citizens Bank. CIT also said Michael Hudgens will lead CIT Commercial Services, serving as managing director and its group head. Regional managers will report to Hudgens.
Bristow said CIT has “long been recognized industry-wide as a leader in factoring finance, which is especially important and valuable in today’s fast-moving market conditions.” He said the company is “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 said. “We anticipate this new structure will enable us to be even more agile in supporting clients now and in the future.”