First Citizens Bank Provides $33.5 Million to Adams Beverages

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Mar 11, 2024, 09:00 ET

RALEIGH, N.C., March 11, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $33.5 million in financing to Adams Beverages, a distributor of beer, wine and nonalcoholic beverages to bars, restaurants, grocery stores, package stores and other retail outlets throughout Alabama and North Carolina.

Within its distribution territories - which include 38 counties in Alabama and 28 counties in North Carolina - the third-generation family-owned Adams Beverages has exclusive franchise rights for Anheuser-Busch Inbev products and several national and regional breweries.

"We appreciate the expertise of First Citizens' Middle Market Banking team in arranging this financing, as well as their knowledge of the business landscape in the Southeast region in which we operate," said Clay Adams, President of Adams Beverages.

The loan refinanced three properties that are occupied by Adams Beverages and serve as distribution facilities for the company's North Carolina operations.

"We're pleased to provide financing to support the business goals of Adams Beverages, a company with a strong track record of expanding their market share through organic growth and strategic acquisitions," said Brendan Chambers, Head of First Citizens Middle Market Banking. "We look forward to future opportunities to support Adams Beverages' growing business."

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