First Citizens BancShares Inc. reports developments for a U.S. super-regional banking company operating through First Citizens Bank, with business banking, branch banking, commercial lending, treasury and liquidity management, wealth-related services, and railcar leasing. News commonly covers earnings, loan and deposit trends, credit quality, capital returns, dividends on common and preferred stock, and debt or equity capital activity.
Company updates also follow First Citizens Bank’s commercial banking expansion, regional leadership appointments, and specialized lending through Silicon Valley Bank, a division serving technology, life science and healthcare, private equity, and venture capital clients. Recurring customer-finance announcements include warehouse credit, energy finance, and sector-focused banking services.
First Citizens Bank (FCNCA) has announced a $2 million commitment in donations and financial support to assist those affected by the Southern California wildfires. The funds will be directed towards humanitarian and small business relief efforts, focusing on resource mobilization and long-term regional stabilization.
The bank, which operates 30 branches and offices in Southern California and employs over 1,000 associates in the region, will allocate part of the funds to support its employees directly impacted by the disaster. The bank is also working with customers to develop flexible solutions supporting their recovery efforts.
Silicon Valley Bank (SVB), a division of First Citizens Bank, released its 2025 State of the US Wine Industry Report, revealing significant market shifts. The report highlights a demand-based correction in the wine industry, with total wine consumption decreasing by volume. While the premium wine segment showed resilience with small single-digit sales declines, the top quartile of wineries achieved 22% sales growth.
Key findings include: total wine category sales ending 2024 with negative volume growth between -3% and -1%, weighted average winery revenue decline of 3.4%, and bottom quartile seeing a 16% revenue decline. No- and low-alcohol wine, white wine, and prosecco experienced positive growth, with white wine outpacing red wine sales for the first time in years. The market conditions are creating the most accessible bottle pricing in 30 years.
The report emphasizes a critical generational shift, with younger consumers showing different consumption patterns and often choosing alternatives to wine. Growing consumption share in the 30-45 segment is deemed important for industry recovery.
NineDot Energy has secured a $65 million equipment financing transaction led by First Citizens Bank to support the purchase of nearly 100 MW/400 MWh of batteries for up to 20 battery storage projects across the New York City metro area. The company, which specializes in community-scale battery energy storage systems, has raised over $500 million in total capital to date.
NineDot Energy is progressing toward its goal of having 400MW of battery storage in development, construction, or operation by the end of 2026. The company currently manages over 50 projects in various stages across the New York City area and ranks as a leading developer in ConEd's New York territory based on interconnection queue data.
Linea Energy has secured project debt financing for its Pineview Solar project, a 109MWdc utility-scale solar energy facility in Wilcox County, Georgia. The financing package includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility, provided by a syndicate of lenders led by First Citizens Bank and Norddeutsche Landesbank Girozentrale (NORD/LB).
The financing will support the development of clean, reliable solar power in Georgia while contributing to the local economy. The project aims to advance Georgia's clean energy goals by delivering renewable energy to communities throughout the state. Winston & Strawn and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the lenders and borrower, respectively.
Silicon Valley Bank's latest Healthcare Investments and Exits Report reveals that venture capital investment in healthcare reached $23 billion in 2024, up from $20 billion in 2023. Artificial Intelligence emerged as a dominant force, particularly in biopharma, capturing 30% of total healthcare investment.
The biopharma AI sector experienced remarkable growth, with investments exceeding $5.6 billion in 2024, marking a 300% increase from 2023 and surpassing 2021 figures by nearly $2 billion. Notably, 71% of biopharma AI investments came from mega deals exceeding $100 million.
The report highlights several key trends: seed rounds represented 40% of all deals, with 35% of companies receiving seed funding utilizing AI. Valuations showed a 1.5x median increase for companies raising after down rounds. While healthtech focuses on proven companies, diagnostics/tools sector shows promise in liquid biopsies and precision diagnostics, and the device sector sees potential revival through hospital-focused innovations.
First Citizens BancShares (NASDAQ: FCNCA) has announced it will release its fourth quarter 2024 financial results before U.S. markets open on Friday, January 24, 2025. The company will host a conference call and webcast at 9 a.m. Eastern time on the same day to discuss the results.
First Citizens BancShares (FCNCA) has appointed Matt Snow to its board of directors and its subsidiary, First-Citizens Bank & Trust Company, effective January 2, 2025. Snow currently serves as chairman of the governing board of Forvis Mazars, a top 10 U.S. accounting firm, and as vice chairman of Forvis Mazars Global's governing board. He is expected to retire from these positions in May 2025.
Snow brings over 30 years of experience, including leadership roles at Dixon Hughes Goodman LLP as CEO and KPMG as an audit partner. He will serve on the joint audit committee of BancShares and First Citizens Bank, as well as First Citizens Bank's trust committee.
Legion Technologies has secured $50 million in financing from Silicon Valley Bank, completing a $100 million raise in 2024 and bringing total funding to $195 million. The company, which specializes in AI-powered workforce management, reported strong revenue growth and introduced 70 new product features, including Employee Productivity-Based Scheduling and Time and Attendance Workbench powered by generative AI.
The company has grown 374% over the past three years and launched innovative features like Enhanced Shift Offers, Enhanced Schedule Score, and Increased Extensibility. Legion also developed Generative AI assistants to help analyze schedules, timesheets, and customize app experiences, aiming to reduce administrative tasks for managers.
Pivot Energy has secured major financing arrangements totaling over $450 million to support the construction of 300 Megawatts of distributed generation solar projects across the United States. The financing includes a debt warehouse facility led by First Citizens Bank and ATLAS SP Partners, along with a structured equity investment from HASI in a new project joint venture. The portfolio comprises 96 projects across nine states, primarily focusing on community solar installations, with the remainder being commercial Power Purchase Agreements. The projects are expected to be operational within two years, representing Pivot's largest financing agreement to date.
Silicon Valley Bank (SVB), a division of First Citizens Bank, has provided $35 million in debt financing to Squire Technologies, a company offering management and POS systems for barbershops. The funding, provided through SVB's Enterprise Software Group, will help Squire expand its platform and drive innovation. Founded in 2015, Squire's comprehensive platform includes tools for CRM, appointment management, analytics, and POS systems, helping barbershop owners streamline operations, manage clientele, and increase revenue.