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First Citizens BancShares, Inc. - FCNCA STOCK NEWS

Welcome to our dedicated page for First Citizens BancShares news (Ticker: FCNCA), a resource for investors and traders seeking the latest updates and insights on First Citizens BancShares stock.

First Citizens BancShares Inc is the bank holding company of First Citizens Bank & Trust Company. Founded as the Bank of Smithfield in North Carolina, FCB has expanded through de novo branching and acquisitions. Operating in nearly half of the continental United States, FCB primarily takes deposits in the Carolinas. Historically influenced by the Holding family, FCB provides retail and commercial banking services, trust, wealth management, with main revenue from net interest income.

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First Citizens BancShares (NASDAQ: FCNCA) will announce its Q2 2024 financial results on July 25, 2024, before the U.S. markets open. A conference call and webcast to discuss the results will be held at 9 a.m. ET on the same day. Investors and analysts can join the discussion to gain insights into the company's quarterly performance and outlook.

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First Citizens Bank has announced a $52 million financing deal with Wheelock Street Capital and Foundry Commercial for the construction of the Egret Point Logistics Center in Boynton Beach, Florida. This facility, situated at 3800 S Congress Ave., will feature two Class-A industrial buildings totaling 457,110 SF, with 32-foot ceilings, 104 dock doors, four drive-in doors, and 539 parking spaces. The site benefits from its strategic location, 3 miles from the I-95 access points. First Citizens Bank's Commercial Real Estate team facilitated this financing, showcasing their expertise in the sector. Founded 15 years ago, Wheelock Street Capital has managed $11 billion in investments, while Foundry Commercial oversees a $4.3 billion development and acquisitions pipeline.

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First Citizens Bank has provided a senior secured loan of $22 million to Euroseas for financing a new 2,800 TEU Eco containership. Euroseas, established in 2005 and trading on Nasdaq under ESEA, operates 22 container vessels, including 15 Feeder and 7 Intermediate containerships, with a total cargo capacity of 66,261 TEU. This investment aims to meet the growing demand for cargo transport and demonstrates Euroseas' commitment to reducing its carbon footprint. First Citizens' Maritime Finance team facilitated the financing, highlighting their expertise and support for Euroseas' expansion and decarbonization goals.

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First Citizens Bank announced that CIT Northbridge Credit has provided a $35 million revolving line of credit to Network Wireless Solutions (NWS), a key player in telecom infrastructure. This financing will support NWS's business operations and strategic initiatives. NWS, established in 2012 and headquartered in Greensboro, North Carolina, is known for its innovative cable solutions and hardware products across the U.S. and Canada. CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, specializes in asset-based debt solutions for middle-market companies, offering loan commitments ranging from $15 million to $150 million.

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First Citizens Wealth, the wealth management division of First Citizens Bank, released a study on affluent Americans' money management and wealth transfer readiness. Key findings reveal that 66% believe they manage money better than others, but only 50% feel prepared to transfer wealth to heirs. Affluent Americans expect to need $5.5 million for retirement and wealth transfer. Financial advisors are credited by 89% for growing wealth and reducing financial stress. However, only two-thirds have a will, and even fewer have an estate plan. The study highlights the importance of early estate planning and financial advising.

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First Citizens Bank announced that it served as the coordinating lead arranger for $133 million in financing for the Cranberry Point Energy Storage project in Carver, Massachusetts. The project, developed by Plus Power, is a 150 MW / 300 MWh battery energy storage facility slated for completion by Q2 2025. This marks the first major utility-scale standalone battery storage in New England. The facility aims to bolster grid stability and integrate clean power. First Citizens Bank's Energy Finance division brings extensive industry knowledge to the project, showcasing its capacity to handle diverse investments in the energy sector.

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First Citizens Bank announced a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma, Washington. The borrower is a joint venture led by Harrison Street, which manages about $55 billion in assets and ranks among the top five largest owners in the senior housing sector in the U.S. The facility was originally developed by the same joint venture with PMB The refinancing was facilitated by First Citizens Healthcare Finance, known for its client-focused and industry-centric approach. The facility is managed by GenCare Lifestyle, another joint venture partner.

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First Citizens Bank announced that its Asset-Based Lending business will provide up to $400 million in combined financing to WhiteHawk Fund IV and WhiteHawk Evergreen Fund. Managed by WhiteHawk Capital Partners, these funds focus on asset-based loans to private and public companies. The new credit facilities aim to leverage the funds' existing portfolios and provide capital for future growth. Both companies expressed enthusiasm for the ongoing partnership and the expertise involved in arranging the financing.

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Venture capital investment in AI for healthcare has surged, now capturing one in four healthcare investment dollars. This growth outpaces the tech industry, with $2.8 billion invested in 2024 alone and projections of $11.1 billion for the year. A new report from Silicon Valley Bank (SVB) highlights the significant role AI is playing in healthcare, focusing on administrative and clinical uses. Key themes include the appeal of administrative AI, integration with providers' existing infrastructure, and the challenges of AI-driven diagnostics. Despite fewer funds closing, the total amount raised in 2024 is expected to surpass 2023, reaching $16.9 billion.

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First Citizens BancShares (Nasdaq: FCNCA) has been named to the Fortune 500 list for the first time, ranking #182 in the U.S. based on revenue. The company also secured the #24 spot on Fortune's 2024 list of fastest-growing companies. CEO Frank B. Holding, Jr. credits the company's 16,000 employees for this achievement. Recent growth is attributed to the acquisition of Silicon Valley Bridge Bank N.A. in 2023. Other accolades include top 20 on Forbes' America's Best Banks, among the top five in the Greenwich Excellence Awards, and a top 50 spot in the Nacha Payment Systems Organization.

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FAQ

When was First Citizens BancShares Inc founded?

First Citizens BancShares Inc, the bank holding company of First Citizens Bank & Trust Company, was founded as the Bank of Smithfield in North Carolina.

How does FCB primarily generate revenue?

FCB's main source of revenue is net interest income.

In how many states does First Citizens Bank operate?

First Citizens Bank operates in nearly half of the continental United States, but principally takes deposits in the Carolinas.

What services does FCB provide?

FCB provides a wide range of retail and commercial banking services, traditional lending, deposit-taking, trust, and wealth management.

What is the historical influence on FCB?

FCB's operations have historically been influenced by the Holding family, which has traditionally held executive and director positions, as well as controlling a large percentage of its outstanding stock.

What is the significance of First Citizens Bank today?

First Citizens Bank today is a full-service banking institution with more than 6,000 employees and more than 560 branches in 18 states.

What is the current financial condition of First Citizens BancShares Inc?

FCB, the parent company, has more than $30 billion in assets.

Where is First Citizens BancShares Inc headquartered?

First Citizens BancShares Inc is headquartered in Raleigh, North Carolina.

What is the core business of First Citizens BancShares Inc?

The core business of FCB is providing retail and commercial banking services, trust, and wealth management.

What is the stock symbol of First Citizens BancShares Inc?

The stock symbol of First Citizens BancShares Inc is FCNCA.

How does FCB help its clients build financial strength?

First Citizens Bank helps personal, business, commercial, and wealth clients build financial strength through various banking services and offerings.

First Citizens BancShares, Inc.

Nasdaq:FCNCA

FCNCA Rankings

FCNCA Stock Data

25.41B
13.53M
20.87%
66.77%
1.83%
Commercial Banking
Finance and Insurance
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United States of America
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