{"id":809184,"date":"2025-02-05T09:13:31","date_gmt":"2025-02-05T14:13:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/"},"modified":"2025-02-05T09:13:31","modified_gmt":"2025-02-05T14:13:31","slug":"first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/","title":{"rendered":"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">NEW YORK<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Feb. 5, 2025<\/span><\/span> \/PRNewswire\/ &#8212; First Citizens Bank and Sixth Street, a leading global investment firm, today announced the launch of Sixty-First Commercial Finance, a new platform managed by First Citizens Institutional Asset Management, LLC and designed to provide flexible capital equipment financing solutions to middle market companies.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1980904\/First_Citizens_Bank_Stacked_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1980904\/First_Citizens_Bank_Stacked_Logo.jpg\" title=\"(PRNewsfoto\/First Citizens Bank)\" alt=\"(PRNewsfoto\/First Citizens Bank)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>A joint venture between Sixth Street&#8217;s Asset Based Finance platform and First Citizens Bank, Sixty-First Commercial Finance will leverage the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from <span class=\"xn-money\">$5 million<\/span> to <span class=\"xn-money\">$100 million<\/span>, with diverse coverage across equipment asset types and industries.<\/p>\n<p>&#8220;First Citizens Bank is a top 20 U.S. bank and also among the five largest banks in equipment finance<sup>1<\/sup>,&#8221; said <span class=\"xn-person\">Jim Hudak<\/span>, president of First Citizens Commercial Finance. &#8220;This strategic initiative represents a significant step forward for First Citizens Bank&#8217;s capacity to serve capital equipment clients and to leverage our deep industry knowledge and long-standing expertise in this sector.&#8221;<\/p>\n<p>&#8220;With the launch of Sixty-First Commercial Finance, we&#8217;re providing the equipment finance industry with market differentiating financing capabilities,&#8221; said <span class=\"xn-person\">Kevin Ronan<\/span>, head of Capital Equipment Finance at First Citizens Bank. &#8220;Our clients now have access to even more attractive financing alternatives with greater flexibility and greater certainty of execution through the combined capabilities of First Citizens Bank and Sixth Street.&#8221;<\/p>\n<p>&#8220;We are proud to be partnering with First Citizens Bank on this novel structure to support and augment their existing deep equipment finance and leasing capabilities,&#8221; said <span class=\"xn-person\">Michael Dryden<\/span>, Partner and Head of Asset Based Finance at Sixth Street. &#8220;This is a great example of how institutions like ours can work together to create new capital solutions that expand capacity for the bank&#8217;s clients and grow new financing activity.&#8221;<\/p>\n<p>In conjunction with the launch, Bank of America is structuring and arranging a bilateral <span class=\"xn-money\">$300 million<\/span> warehouse finance facility to fund the Sixty-First Commercial Finance joint venture.<\/p>\n<p>Sixty-First Commercial Finance&#8217;s product offering consists of tax leases, loans, capital leases and progress payment financing, designed to serve the mission-critical equipment financing needs of middle market companies across a range of industries &#8212; including transportation, construction, Jones Act marine, discrete and process manufacturing, material handling, air medical helicopters, warehouse distribution, and furniture and fixtures.<\/p>\n<p>With the formation of Sixty-First Commercial Finance, <span class=\"xn-person\">Ryan Berlage<\/span>, who has been with First Citizens Bank since 2020, will serve as managing director and chief credit officer and portfolio manager of the joint venture, as well as an officer of First Citizens Institutional Asset Management, LLC. In this role, Berlage will lead all underwriting and portfolio related activities, drawing on his 20-plus years of experience in the equipment finance industry and his firsthand knowledge of building new leasing platforms for banks and non-banks.<\/p>\n<p>Additionally, First Citizens Bank executives Ronan and Chief Underwriting Officer <span class=\"xn-person\">Edward Moir<\/span> have been appointed as officers of First Citizens Institutional Asset Management, LLC and will provide ongoing oversight to Sixty-First Commercial Finance. First Citizens Institutional Asset Management, LLC, an SEC registered investment advisor, is a wholly-owned subsidiary of First Citizens Bank.<\/p>\n<p>To learn more about Sixty-First Commercial Finance, visit firstcitizens.com\/cef.<\/p>\n<p>\n        <b>About First Citizens Bank <br \/><\/b>First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in <span class=\"xn-location\">Raleigh, N.C.<\/span>, 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 <span class=\"xn-money\">$200 billion<\/span> in assets. Discover more at firstcitizens.com.<\/p>\n<p>\n        <b>About Sixth Street <br \/><\/b>Sixth Street\u00a0is a global investment firm with over\u00a0$100 billion\u00a0in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009,\u00a0Sixth Street\u00a0has more than 650 team members including over 280 investment professionals around the world. For more information, visit <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4355190-1&amp;h=2022504213&amp;u=https%3A%2F%2Fsixthstreet.com%2F&amp;a=https%3A%2F%2Fsixthstreet.com\" target=\"_blank\" rel=\"nofollow\">https:\/\/sixthstreet.com<\/a>\u00a0or follow\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4355190-1&amp;h=1678584372&amp;u=https%3A%2F%2Fcts.businesswire.com%2Fct%2FCT%3Fid%3Dsmartlink%26url%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fsixthstreet%26esheet%3D54166364%26newsitemid%3D20241213931259%26lan%3Den-US%26anchor%3DSixth%2BStreet%2Bon%2BLinkedIn%26index%3D6%26md5%3D88f850a7989fc033697b76e2a407ec7f&amp;a=Sixth+Street%C2%A0on+LinkedIn\" target=\"_blank\" rel=\"nofollow\">Sixth Street\u00a0on LinkedIn<\/a>.<\/p>\n<p>\n        <b>FIRST CITIZENS MEDIA RELATIONS: <br \/><\/b><br \/>\n        <span class=\"xn-person\">John M. Moran<\/span><br \/>\n        <br \/>212-461-5507 <br \/><a href=\"mailto:john.moran2@firstcitizens.com\" target=\"_blank\" rel=\"nofollow\">john.moran2@firstcitizens.com<\/a><\/p>\n<p>\n        <b>FOR SIXTH STREET: <br \/><\/b><br \/>\n        <span class=\"xn-person\">Patrick Clifford<\/span><br \/>\n        <br \/>m: +1-646-906-4339\u00a0<br \/><a href=\"mailto:media@sixthstreet.com\" target=\"_blank\" rel=\"nofollow\">media@sixthstreet.com<\/a><\/p>\n<p>\n        <sup>1<\/sup> Per the annual Bank 50 listing in Monitor magazine, a leading equipment finance industry trade publication.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY11520&amp;sd=2025-02-05\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies-302367875.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies-302367875.html<\/a><\/p>\n<p>SOURCE  First Citizens Bank<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY11520&amp;Transmission_Id=202502050900PR_NEWS_USPR_____NY11520&amp;DateId=20250205\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK , Feb. 5, 2025 \/PRNewswire\/ &#8212; First Citizens Bank and Sixth Street, a leading global investment firm, today announced the launch of Sixty-First Commercial Finance, a new platform managed by First Citizens Institutional Asset Management, LLC and designed to provide flexible capital equipment financing solutions to middle market companies. A joint venture between Sixth Street&#8217;s Asset Based Finance platform and First Citizens Bank, Sixty-First Commercial Finance will leverage the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from $5 million to $100 million, with diverse coverage across equipment asset types and industries. &#8220;First Citizens Bank is a top 20 U.S. bank and also among the five largest banks &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-809184","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK , Feb. 5, 2025 \/PRNewswire\/ &#8212; First Citizens Bank and Sixth Street, a leading global investment firm, today announced the launch of Sixty-First Commercial Finance, a new platform managed by First Citizens Institutional Asset Management, LLC and designed to provide flexible capital equipment financing solutions to middle market companies. A joint venture between Sixth Street&#8217;s Asset Based Finance platform and First Citizens Bank, Sixty-First Commercial Finance will leverage the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from $5 million to $100 million, with diverse coverage across equipment asset types and industries. &#8220;First Citizens Bank is a top 20 U.S. bank and also among the five largest banks &hellip; Continue reading &quot;First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-05T14:13:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1980904\/First_Citizens_Bank_Stacked_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies\",\"datePublished\":\"2025-02-05T14:13:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/\"},\"wordCount\":781,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1980904\\\/First_Citizens_Bank_Stacked_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\\\/\",\"name\":\"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/","og_locale":"en_US","og_type":"article","og_title":"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies - Market Newsdesk","og_description":"PR Newswire NEW YORK , Feb. 5, 2025 \/PRNewswire\/ &#8212; First Citizens Bank and Sixth Street, a leading global investment firm, today announced the launch of Sixty-First Commercial Finance, a new platform managed by First Citizens Institutional Asset Management, LLC and designed to provide flexible capital equipment financing solutions to middle market companies. A joint venture between Sixth Street&#8217;s Asset Based Finance platform and First Citizens Bank, Sixty-First Commercial Finance will leverage the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from $5 million to $100 million, with diverse coverage across equipment asset types and industries. &#8220;First Citizens Bank is a top 20 U.S. bank and also among the five largest banks &hellip; Continue reading \"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/","og_site_name":"Market Newsdesk","article_published_time":"2025-02-05T14:13:31+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1980904\/First_Citizens_Bank_Stacked_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies","datePublished":"2025-02-05T14:13:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/"},"wordCount":781,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1980904\/First_Citizens_Bank_Stacked_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/first-citizens-bank-and-sixth-street-announce-launch-of-sixty-first-commercial-finance-to-provide-flexible-capital-equipment-financing-solutions-to-middle-market-companies\/","name":"First Citizens Bank and Sixth Street Announce Launch of Sixty-First Commercial Finance to Provide Flexible Capital Equipment Financing Solutions to Middle Market Companies - 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