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First Citizens Bank revealed on Aug. 1 that their Middle Market Banking division has successfully orchestrated $58 million in financing for Tanger Houston, an open-air outlet center situated in Texas City, according to a press release. This outlet center caters to a vibrant Texas metropolitan region and will benefit from the financial arrangement facilitated by First Citizens Bank.
"It was a pleasure to leverage our financing expertise to support Tanger as they continue their successful growth strategy," said Eric Searls, a managing director in the Middle Market Banking group.
First Citizens Middle Market Banking operates with a focus on delivering comprehensive financial solutions tailored to midsize clients. Through its relationship banking model, the business offers a broad spectrum of services that include deposit solutions, loans, treasury services and an array of banking products. This division serves as a strategic partner for manufacturers, distributors and a wide range of service industries, working collaboratively to address their specific financial needs and challenges. With a commitment to fostering enduring partnerships, First Citizens Middle Market Banking aims to empower businesses with the tools and resources necessary for sustainable growth and success.
Established in 1898, First Citizens Bank is commemorating its 125th anniversary while reflecting on its prosperous legacy of providing comprehensive assistance to both businesses and individuals. The bank achieved significant milestones in recent years, notably through its merger with CIT in 2022, a prominent national bank renowned for its adeptness in catering to middle-market clients. Another significant advancement occurred in 2023 with the acquisition of Silicon Valley Bank, solidifying First Citizens Bank's position as a dynamic financial institution committed to meeting the diverse needs of its clientele.
"Tanger Outlets is known nationwide for delivering the value and brands customers want, and we were pleased to support them with this financing," said Brendan Chambers, who leads the First Citizens Middle Market Banking team.