NEW
YORK, July 16, 2024 /PRNewswire/ -- First
Citizens Bank today announced that CIT Northbridge Credit, as
advised by First Citizens Institutional Asset Management LLC,
provided a $40 million revolving
credit facility to B&W Fiber Glass Inc., a distributor of fiber
glass and manufacturer of technical textile fiberglass and
reinforcement materials.
B&W Fiber Glass was founded in 1998 and remains a family
owned and operated business headquartered in Shelby, North Carolina. Their fiberglass is
used by a wide range of industries in such products as reinforced
tapes, architectural applications, surfboards, aircraft, and
circuit boards. The company's operations consist of 60%
distribution and 40% manufacturing.
"We appreciate working the CIT Northbridge in helping us secure
financing that will enable us to continue to grow our business,"
said Brent Beason, president and
chief financial officer of B&W Fiber Glass.
"B&W Fiber Glass is well positioned to serve the needs of
many businesses in this vibrant market," said Neal Legan, who leads the team that advises CIT
Northbridge Credit. "We are pleased to provide B&W Fiber Glass
with this line of credit as they continue to leverage their
strategic business objectives."
CIT Northbridge Credit is a trusted financial partner
supporting middle-market companies with a broad range of flexible
asset-based debt solutions. A joint venture advised by First
Citizens Institutional Asset Management, it provides revolving and
term loan commitments from $15 million to $150
million to companies across various industries and business
cycles, and serves primarily as sole lender, agent, club
participant or co-lender.
About First Citizens Bank
First Citizens Bank
helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has
built a unique legacy of strength, stability and long-term thinking
that has spanned generations. First Citizens offers an array of
general banking services including a network of more than 500
branches and offices in 30 states; commercial banking expertise
delivering best-in-class lending, leasing and other financial
services coast to coast; innovation banking serving businesses at
every stage; and a nationwide direct bank. Parent company First
Citizens BancShares, Inc. (NASDAQ:
FCNCA) is a top 20 U.S. financial institution
with more than $200 billion in assets
and a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
Ella Bristow
(212)
461-5322
Ella.bristow@firstcitizens.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cit-northbridge-credit-provides-40-million-to-bw-fiber-glass-inc-302198055.html
SOURCE First Citizens Bank