First Citizens Middle Market Banking Provides $60 Million to Bahakel Communications

CHARLOTTE, N.C., May 10, 2022 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided a $60 million loan to Bahakel Communications to refinance existing debt and help finance future growth opportunities.

Bahakel Communications is a family owned-and-operated radio and television broadcast company headquartered in Charlotte, North Carolina, with additional locations in South Carolina, Alabama, Tennessee and Colorado. Their digital agency arm, Bahakel Digital, offers a variety of marketing and advertising services, including website design, social media management and advertising, and search engine marketing.

"We've successfully grown and sustained our operations for 75 years and this financing will help us sustain and advance our business into the future," said Beverly Bahakel Poston, CEO at Bahakel Communications. "We appreciated First Citizens' expertise in arranging financing that aligns with our business objectives."

"We're pleased to have arranged financing for Bahakel Communications," said Brendan Chambers, managing director and group head for First Citizens' Middle Market Banking business. "First Citizens has supported the Bahakel Family through our Wealth Management offerings, and we're grateful for the opportunity to strengthen our relationship by providing financing to support the future success of their business."

First Citizens' Middle Market Banking business 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. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money—and make more of their future. Visit firstcitizens.com. First Citizens Bank. Forever First®

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