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Crestmark, a bank that provides funding to staffing and other industries, acquired the working capital portfolio of North Carolina-based First Citizens Bank. A large segment of the portfolio includes the staffing industry. In addition, the banks announced a strategic partnership.
Under the partnership, Crestmark will provide asset-based lending, recourse and non-recourse factoring and other working capital services to First Citizens customers.
“Crestmark has the utmost respect for the service and attention that First Citizens provides their clients, and we’re glad to be in a position to provide more flexible financing tools to further help their clients and plan to do so with the same high quality service they are accustomed to,” said Crestmark Group President Jim Rothman.
Terms of the deal were not announced.