First Citizens Bank Provides $31.5 Million to Fashion Retailer for Purchase of Warehouse and Distribution Center

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May 29, 2024, 09:00 ET

RALEIGH, N.C., May 29, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $31.5 million in financing to national fashion retailer Jaclyn LLC for the purchase of a newly constructed industrial warehouse and distribution center in Southern California.

The warehouse comprises more than 233,000 square feet and will serve as the new West Coast shipping and distribution center for Jaclyn and its affiliated companies of the Golden Touch Group, providers of merchandise and services to retailers and manufacturers.

"We have a long-established history partnering with First Citizens on strategic ventures that add value to our business," said John Bang, CFO of Jaclyn and Golden Touch. "The solutions-driven approach of the teams at First Citizens delivers expertise, agility and thoroughness to the financing process."

"We appreciate the opportunity to support Jaclyn and Golden Touch's purchase of a new distribution center with owner occupied real estate financing, a core capability of our Middle Market Banking business," said Brendan Chambers, Head of First Citizens Middle Market Banking.

"Jaclyn and Golden Touch are reputable brands and operators who have strong track records and valuable connections with many well-known national retailers," said Sarah Warren, Managing Director at First Citizens. "We're pleased to strengthen our 25-year banking relationship with them through this financing."

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. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank