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XS Financial Closes Upsized $100 Million Needham Bank-Led Credit Facility with Participation from First Citizens Bank
XS Financial Closes Upsized $100 Million Needham Bank-Led Credit Facility with Participation from First Citizens Bank
LOS ANGELES, CA / ACCESS Newswire / February 3, 2025 / XS Financial Inc. ("XS Financial" "XS" or the "Company"), an established equipment finance company serving middle-market storied credits, today announced that it has amended and upsized its current $70 million line of credit with Needham Bank ("Credit Facility") to $100 million, with First Citizens Bank participating for $20 million. XS Financial intends to use loan proceeds to fund additional CAPEX and equipment leases with new and existing customers.
Gramercy Capital Group, LLC (through INTE Securities LLC) served as financial advisor to XS.
David Kivitz, CEO of XS Financial, commented: "We are thrilled to expand our relationship with Needham Bank and welcome First Citizens Bank as a new partner. This expanded Credit Facility demonstrates our financial strength and is a testament to XS Financials' disciplined underwriting and unwavering dedication to helping its clients access critical-use equipment. XS Financial has built a reputation for providing flexible financing solutions that address the unique needs of middle-market companies-supporting them through high-growth periods, capex replacement cycles, and expansion."
Ryan Palmquest, Director of Cannabis Banking at First Citizen Bank, commented: "XS Financial plays a critical role in today's cannabis ecosystem through their financing solutions, and we look forward to being a part of their next phase of growth. We are proud that our Cannabis and Asset-Based Lending teams could bring our industry expertise and tailored solutions together to support XS Financial so they can in turn continue to innovate and grow their customer base."
About INTE Securities LLC
INTE Securities LLC is a member of FINRA (www.finra.org) / SIPC (www.sipc.org). To view INTE Securities LLC, go to www.finra.org/brokercheck
About Needham Bancorp, Inc.
NB Bancorp, Inc. is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston's financial district. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC and DIF.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., 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. (FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
About XS Financial
Founded in 2019, XS Financial is a sponsor-owned equipment finance company specializing in mid-to-large ticket leases for businesses across the United States and Canada. Backed by Axar Capital Management and Mavik Capital Management, XS Financial delivers flexible financing solutions that empower companies to acquire essential-use equipment while conserving working capital. By combining proven financing structures, efficient processes, and exceptional customer service, XS Financial tailors leasing programs to each client's unique needs. This commitment to innovation and quality and deep industry expertise position XS Financial as a trusted partner for middle-market businesses seeking to optimize their equipment investments and drive sustained growth.
For inquiries, please contact:
David Kivitz
Chief Executive Officer
Antony Radbod
Chief Operating Officer
Tel: 1-310-683-2336
Email: [email protected]
SOURCE: XS Financial
View the original press release on ACCESS Newswire
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