First Citizens Bank has announced that Marc Heller has been promoted to the position of vice chairman of CIT Commercial Services, a subsidiary of First Citizens Bank, and that Michael Hudgens has been promoted to the role of CIT Commercial Services president with full responsibility for the day-to-day operation of the business. The new appointments are effective July 1.

Heller has been a leader in commercial financing for more than half a century. Since joining CIT in 2004, he has been an integral part of CIT Commercial Services' growth and development, first as Northeast regional manager and subsequently as its president since 2016. Under Heller's supervision, CIT Commercial Services emerged as a nationwide leader in factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.

In his new role as vice chairman, Heller will continue to actively support the business, maintaining and expanding client relations while ensuring a smooth transition of management responsibilities. He will also continue to provide strategic advice and guidance on business activities and new initiatives.

Since March 2022, Hudgens has served as managing director for all of CIT Commercial Services, supervising regional managers in the Northeast, Southeast and West. As president, his role will expand to include oversight of all CIT Commercial Services leaders and executives with primary responsibility for business growth. Hudgens has deep experience in factoring and other financial services. He is a veteran of 35 years with CIT Commercial Services, including more than a decade as Southeast regional manager.

"I want to congratulate Marc Heller and Mike Hudgens on their new roles, as we look to accelerate growth in CIT Commercial Services and continue positioning the business for long-term success," said Peter Bristow, president, First Citizens Bank. "We are extremely fortunate to have two extraordinary individuals with unparalleled expertise in this field leading our business and supporting our clients."

"CIT Commercial Services is a unique lender with outstanding experience and expertise," Heller said. "I am pleased to continue supporting the business and its existing clients while continuing to collaborate with Mike Hudgens to introduce new consumer products companies to the many ways we can help them better finance their operations and growth."

"I am proud to assume the position of president of CIT Commercial Services, widely known as one of the best and most experienced lenders in the field," Hudgens said. "After all we've accomplished, our business still has tremendous room for growth and I look forward to helping us realize that potential in the months and years ahead."

These latest announcements come on the heels of other recent changes in CIT Commercial Services as the business continues to align itself for success. Last month, First Citizens announced that Thomas Fingleton had been named chief strategy officer for CIT Commercial Services, with Amna Mahmood being promoted to Northeast regional manager and Daniel Goll being named national underwriting manager.

In other news, First Citizens Bank has announced that it has named commercial banking executive Jim Hudak as president of its CIT Commercial Finance group, a division of First Citizens Bank, effective immediately.

With more than 20 years as a commercial finance executive, Hudak is known throughout the industry for his leadership capabilities and strong commitment to customer support and satisfaction.

It is a return of sorts for Hudak, who oversaw CIT's commercial finance businesses from 2008 to 2019 when they were managed by CIT Group Inc., which merged with First Citizens Bank last year. Under Hudak's oversight and leadership, many of those businesses grew to become leading lenders in their industry verticals.

"It's a pleasure to welcome Jim back and to leverage his experience and deep industry knowledge as First Citizens Bank continues to expand its commercial lending and relationship banking expertise," said Peter Bristow, president, First Citizens Bank. "Jim is a proven leader with a strong track record of supporting his bankers in serving middle-market clients across a wide range of market sectors. We are pleased he has accepted this critical role and look forward to his accomplishments in leading the next leg of our growth journey."

"I am thrilled to join First Citizens Bank and to work with many of my former colleagues and many new ones as well," said Hudak, who will report to Bristow. "Strong relationships with clients have always been the keystone of our business model. As part of First Citizens Bank, the opportunities ahead are greater than ever."

During his career at the former CIT, Hudak held several roles of increasing responsibility. Immediately prior to becoming president of commercial finance in 2008, he served as senior managing director of the company's communications, media and entertainment business.

Hudak is a graduate of Bucknell University and holds an MBA from Cornell University.