First Citizens Bank Consolidates Commercial Services Under New Brand

The reorganization brings together asset-based lending, supply chain finance, international factoring, and receivables purchasing under a single banner. Michael Hudgens, who will lead the new division, stated the rebranding aims to better align the bank's specialized financing capabilities with the evolving demands of its commercial client base. By centralizing these services, the bank intends to provide a more cohesive platform for companies looking to manage cash flow and scale operations.

Craig Hopper, the newly appointed Head of Asset Based Lending, emphasized that the shift is designed to leverage the combined product expertise of the firm while maintaining the bank's traditional relationship-driven approach. This move follows a broader strategic initiative at First Citizens to consolidate its various divisions—including the Silicon Valley Bank unit—under the primary First Citizens brand. The bank currently manages over $225 billion in assets, positioning itself as a top 20 U.S. financial institution.