First Citizens Provides $16 Million to Raymour & Flanigan for Purchase of Showroom in White Plains, New York

RALEIGH, N.C., Jan. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $16 million in financing to Raymour & Flanigan for the purchase of an existing furniture showroom in White Plains, New York.

Raymour & Flanigan is the seventh largest furniture retailer in the United States, operating 107 showrooms across the Northeast, as well as 34 outlet stores, five clearance centers and a rapidly growing e-commerce business.

The White Plains showroom is a strategic addition to Raymour & Flanigan's footprint due to its size and location near major commuter thoroughfares. The 70,000-square-foot showroom has two floors, and the building includes a lower-level parking garage with ample covered parking spaces in addition to surface parking. The building also contains a passenger elevator, freight elevator and three loading docks.

"We appreciate First Citizens' capabilities in arranging financing to support the purchase of this property. This furniture showroom will allow us to provide a more robust and convenient shopping experience to White Plains and the surrounding area than our current location," said Adam Wasileski, director of Real Estate at Raymour & Flanigan.

"Raymour & Flanigan is a leader in the furniture retail industry," said Brendan Chambers, head of First Citizens Middle Market Banking. "We are excited about the opportunity to work with them as they expand their business."

First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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 $200 billion in assets. Discover more at firstcitizens.com.

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SOURCE First Citizens Bank