First Citizens, Merlo America launch vendor finance program
First Citizens’ equipment lease operating income increased 6.4% YoY
First Citizens Bank Equipment Finance and Merlo America have entered into a new vendor finance agreement aimed at providing Merlo customers with flexible leasing and lending solutions for new construction and agricultural equipment
The partnership enables end-users to acquire Merlo machinery through tailored financing options designed to support business growth and operational efficiency, according to a June 25 First Citizens Bank release.
Merlo America, based in Rock Hill, S.C., is the North American subsidiary of Italy-based Merlo S.p.A., a global leader in telehandler technology and multi-use machinery for agriculture, forestry, construction, and industrial sectors. The agreement reflects Merlo’s continued commitment to delivering high-performance equipment supported by financing that meets the needs of U.S. customers.
Raleigh, N.C.-based First Citizens Bank’s Equipment Finance division brings deep expertise in structuring vendor finance solutions through its national platform and specialized support for original equipment manufacturers and mid-sized businesses, according to the release. The collaboration is expected to strengthen Merlo America’s dealer network and customer relationships while extending First Citizens’ reach in the construction and agricultural equipment finance markets.
First Citizens’ equipment lease operating income increased 6.4% YoY to $9.4 billion in the first quarter, according to its April 24 earnings statement. First Citizens Bank has more than $200 billion in assets, according to the release.
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