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.
Bugcrowd has secured a $50 million growth capital facility from Silicon Valley Bank (SVB), a division of First Citizens Bank. The financing, provided by SVB's Enterprise Software Group, will be used to scale Bugcrowd's AI-powered platform globally, fund platform innovation, and pursue strategic M&A opportunities. Bugcrowd's crowdsourced cybersecurity solutions have served over 1,200 customers including OpenAI, Google, T-Mobile, and the US Department of Defense. The company's 'skills-as-a-service' approach has proven effective in uncovering high-impact vulnerabilities across various digital infrastructures.
First Citizens Bank has announced the launch of a new tax equity investment product through its Energy Finance business to finance renewable energy projects. The product enables qualified investors to benefit from tax incentives promoting renewable energy development. The bank will focus primarily on financing solar, wind, and battery energy storage projects.
This expansion joins First Citizens with a select group of experienced lenders offering both senior debt and tax equity investments in renewable energy. The initiative aims to address a market shortage of expertise in structuring tax equity investments, potentially increasing available financing for renewable energy project development.
First Citizens Wealth's 'Beyond Wealth' study reveals significant gaps in business valuation confidence and exit planning among affluent business owners. Only 52% claim to know their business's exact worth, with 44% of those lacking confidence in their assessment. Despite 87% having some idea of their business value, merely 62% have conducted formal valuations. The study also shows that only 47% have an exit strategy, with 31% planning to transfer to family members and 19% considering selling to other business owners. While 85% of affluent business owners have professional financial advisors compared to 68% of non-business owners, only 33% feel well-prepared for business exit.
First Citizens BancShares (FCNCA) reported Q3 2024 net income of $639 million, down from $707 million in Q2 2024. Net income available to common stockholders was $624 million ($43.42 per diluted share), decreasing from $691 million ($47.54 per diluted share). Net interest income totaled $1.80 billion, a $25 million decrease from Q2. The company experienced deposit growth of $495 million, reaching $151.57 billion, while loans decreased by $646 million to $138.70 billion. During Q3, the company repurchased over 350,000 shares for $700 million and maintained strong capital ratios with total risk-based capital at 15.36%.
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.