Workflow
First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies
CIZNCitizens Holding(CIZN) Prnewswire·2025-02-05 14:00

Core Insights - First Citizens Bank and Sixth Street have launched Sixty-First Commercial Finance, a platform aimed at providing flexible capital equipment financing solutions to middle market companies [1][2]. Company Overview - First Citizens Bank is ranked among the top 20 U.S. banks and is one of the five largest banks in equipment finance, indicating a strong position in the market [3]. - Sixth Street is a global investment firm managing over 100billioninassets,showcasingitssignificantfinancialcapacityandexpertise[8][9].JointVentureDetails−Sixty−FirstCommercialFinancewilloffermid−andlarge−ticketcapitalequipmentfinancingrangingfrom100 billion in assets, showcasing its significant financial capacity and expertise [8][9]. Joint Venture Details - Sixty-First Commercial Finance will offer mid- and large-ticket capital equipment financing ranging from 5 million to 100million,coveringvariousequipmentassettypesandindustries[2].−ThejointventurewillutilizethecombinedcapabilitiesofFirstCitizensBankandSixthStreettoenhancefinancingalternativesforclients,providinggreaterflexibilityandexecutioncertainty[3].ProductOfferings−Theplatform′sofferingsincludetaxleases,loans,capitalleases,andprogresspaymentfinancing,targetingmission−criticalequipmentfinancingneedsacrossmultipleindustriessuchastransportation,construction,andmanufacturing[4].LeadershipandManagement−RyanBerlagehasbeenappointedasmanagingdirectorandchiefcreditofficerofthejointventure,bringingover20yearsofexperienceintheequipmentfinanceindustry[5].−FirstCitizensBankexecutives,includingKevinRonanandEdwardMoir,willoverseetheoperationsofSixty−FirstCommercialFinance,ensuringalignmentwiththebank′sstrategicgoals[6].FinancialSupport−BankofAmericaisstructuringa100 million, covering various equipment asset types and industries [2]. - The joint venture will utilize the combined capabilities of First Citizens Bank and Sixth Street to enhance financing alternatives for clients, providing greater flexibility and execution certainty [3]. Product Offerings - The platform's offerings include tax leases, loans, capital leases, and progress payment financing, targeting mission-critical equipment financing needs across multiple industries such as transportation, construction, and manufacturing [4]. Leadership and Management - Ryan Berlage has been appointed as managing director and chief credit officer of the joint venture, bringing over 20 years of experience in the equipment finance industry [5]. - First Citizens Bank executives, including Kevin Ronan and Edward Moir, will oversee the operations of Sixty-First Commercial Finance, ensuring alignment with the bank's strategic goals [6]. Financial Support - Bank of America is structuring a 300 million warehouse finance facility to support the Sixty-First Commercial Finance joint venture, indicating strong financial backing for the initiative [3].