RALEIGH,
N.C., July 31, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Middle Market
Banking business provided $25
million in financing to F.W. Webb, the largest wholesale
distributor of plumbing, heating and industrial products in the
Northeastern U.S.
The closing of this financing coincides with the announcement
that First Citizens Middle Market Banking is expanding its
banking services and capabilities to serve midsize business clients
across the Northeast.
A third generation privately held company, F.W. Webb has over
100 locations across nine states in the Northeast serving customers
that include individual contractors, commercial contractors,
colleges and universities, hospitals and government agencies.
The financing provided by First Citizens Middle Market Banking
will be used to refinance F.W. Webb's newly constructed warehouse
and distribution center with a showroom in Boston, Mass. Located at 101 Hampden Street,
the property is nearby to many of Boston's colleges, universities and
hospitals.
"We appreciated working with the First Citizens team for their
expertise and thoroughness in arranging this loan to refinance our
new warehouse and distribution center," said Robert Mucciarone, Chief Operating Officer at
F.W. Webb. "The new center is well-located and advances our
business strategy during a time of steady growth for our
industry."
"We're pleased to provide this financing to F.W. Webb, a company
with a longstanding history in the Northeast region, where we've
just expanded our Middle Market Banking business," said
Brendan Chambers, who leads First
Citizens Middle Market Banking. "We look forward to future
opportunities to support F.W. Webb and other businesses in the
Northeast region."
"We enjoyed working with the experienced management team at F.W.
Webb throughout the financing process," said Nate Pusey, Northeast Market Executive at First
Citizens. "This deal is a great example of the capabilities and
tailored financing solutions that we're now offering to middle
market businesses throughout the Northeast."
First Citizens Middle Market Banking delivers a range
of financial solutions to midsize clients through a relationship
banking model. The business offers deposit solutions, loans,
treasury services and other banking products to manufacturers,
distributors and a wide variety of service industries.
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:
Lexa Tutela
Losey
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE First Citizens Bank