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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 BancShares (Nasdaq: FCNCA) has announced dividend payments for December 16, 2024, for stockholders of record as of November 29, 2024. The quarterly common stock dividend increased to $1.95 per share from the previous $1.64 for both Class A and B shares. The company also declared dividends on three preferred stock series: Series A at $13.4375 per share ($0.335938 per depositary share), Series B at $23.205632 per share, and Series C at $0.351563 per share.
Silicon Valley Bank's 2024 Future of Fintech Report reveals a significant slowdown in fintech investment, with VC fundraising dropping 91% since 2021 peak. Despite challenges, nearly 80% of fintech companies improved EBITDA margins year-over-year. The sector shows signs of adaptation with AI emerging as a bright spot, particularly in customer service and productivity applications. Investment patterns have shifted towards early-stage deals, with seed rounds outnumbering Series A by 3:1. AI-native fintech companies are showing stronger value creation, with a median 4.0x return versus 2.7x for legacy companies in 2024 VC deals.
First Citizens Bank has appointed Michelle Draper as its new Chief Marketing Officer (CMO). Draper, who previously served as Chief Marketing and Sales Strategy Officer at Silicon Valley Bank (SVB), brings over 30 years of financial industry experience to her new role. She will lead a nationwide marketing organization focused on delivering customer-centric solutions and experiences.
Draper's extensive background includes a decade at SVB, where she led global marketing and strategy initiatives. Prior to that, she spent nearly 20 years at Charles Schwab, overseeing various functions as the company grew significantly. In her new position, Draper aims to strengthen First Citizens' brand and reputation, supporting the bank's long-term goals and vision.
First Citizens Bank, with a 125-year history of serving personal, business, commercial, and wealth clients, has recently expanded through acquisitions of SVB in 2023 and CIT in 2022. The bank continues to focus on stability and long-term thinking while growing its operations.
Silicon Valley Bank's 2024 Future of Healthtech Report reveals a resilient healthtech sector showing signs of early recovery. Investments have stabilized between $4.0 billion and $4.5 billion per quarter, surpassing pre-pandemic levels. Key findings include:
- 42% of healthtech investment rounds were seed rounds in 2024, up from 21% in 2019
- 35% of US healthtech deals $5M and above were undisclosed, with at least 12% being down rounds
- AI-focused healthtech attracted $4.8 billion in funding, with 50% in administrative healthtech
- AI valuations in healthtech are up 50% from 2019 values
The report highlights the growing importance of AI in reshaping healthcare, particularly in streamlining administrative workflows. Companies demonstrating clear ROI are driving the sector forward, despite challenges in finding capital or exits.
First Citizens BancShares, Inc. (NASDAQ: FCNCA) has announced the date for its 2024 third quarter earnings call. The company will report its financial results for the quarter ended September 30, 2024, before the U.S. financial markets open on Thursday, October 24, 2024. A conference call and webcast to discuss BancShares' financial results will be held at 9 a.m. Eastern time on the same day. This event will provide an opportunity for investors and analysts to gain insights into the company's performance and financial standing for the third quarter of 2024.
First Citizens Bank has announced that its business and consumer banking customers can now receive instant deposits via the RTP® network. This new capability allows customers to receive payments in seconds, available 24/7, outperforming traditional methods like ACH and wire transfers. The service is free for consumer banking customers and initially free for business clients.
Key benefits include:
- Instant access to funds
- 24-hour availability
- Ability to include transaction details in electronic messages
- Improved cash flow for businesses
- Potential for businesses to offer discounts for instant payments
First Citizens plans to add the ability to send instant payments via the RTP network by next year.
First Citizens Bank has announced its role as co-lead arranger on a $300 million senior secured credit facility for Swift Current Energy, a leading North American clean energy platform. This financing will provide flexible growth capital for Swift Current's ambitious plans to develop 10 GW of wind, solar, and energy storage projects, with a goal to own and operate 1 GW by year-end.
Swift Current's CEO, Eric Lammers, highlighted the company's contribution to grid stability and reliability while delivering competitive clean energy. Mike Lorusso, head of First Citizens' Energy Finance business, praised Swift Current's track record in renewable power project development. The Energy Finance unit of First Citizens Bank offers comprehensive financing solutions for both renewable and conventional power generation, managing a diverse portfolio across all energy sector asset classes.
First Citizens Bank's Healthcare Finance division has arranged $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company with investments in over 24 states. The facilities represent more than 1,500 licensed beds, offering care to individuals needing rehabilitation or 24-hour medical attention.
William Douglas, head of First Citizens Healthcare Finance, emphasized the importance of skilled nursing facilities in post-acute care. The bank's Healthcare Finance team leverages its sector knowledge to provide comprehensive financing and banking solutions to middle market healthcare companies across the U.S.
Deutsche Bank and First Citizens Bank have successfully closed a $315.7 million financing for four battery energy storage systems in Texas. The projects, owned by a UBS Asset Management fund, will collectively provide 730 MW / 1,049 MWh of capacity and are expected to be operational later this year. Deutsche Bank Trust Company Americas served as Administrative Agent, with SocGen and Siemens joining as Joint Lead Arrangers. BankUnited, Mitsubishi HC Capital, and Bayern LB completed the syndicate.
The financing highlights the growing importance of battery storage systems in supporting grid stability and maximizing renewable energy value. This transaction adds to Deutsche Bank's track record in supporting renewable project developers and demonstrates First Citizens Energy Finance's expertise in the energy sector.
First Citizens Bank has arranged $145 million in financing for Linea Energy , a renewable energy developer and independent power producer. The financing package includes a revolving credit facility, a letter of credit, and a term loan to support Linea's diversified project pipeline across the United States. Linea Energy, established in 2002 and based in San Francisco, is a portfolio company of EnCap Investments L.P.
The deal demonstrates First Citizens Bank's commitment to providing tailored financing solutions for renewable energy developers. Mike Lorusso, head of First Citizens Bank's Energy Finance business, highlighted the innovative nature of the credit facility, which combines features of both corporate and project finance.