First Ctzns Bancshares Inc N C Stock Price, News & Analysis

CIT, a division of First Citizens Bank, announced its role as lead arranger for $419 million in financing for the acquisition of the Broad River power generation facility in Gaffney, South Carolina. Onward Energy Inc. is acquiring the 860-megawatt facility, which operates under a long-term power purchase agreement with Duke Energy Progress Inc. The financing package comprises a term loan, letters of credit, and a working capital facility. CIT's expertise significantly contributed to this important transaction, underscoring its commitment to supporting reliable energy infrastructure.

CIT, part of First Citizens Bank, has provided $34 million in financing to a joint venture involving i.Park and Great Point Media for the construction of the Lionsgate Warburton Studios in Yonkers, New York. The facility will span 73,000 square feet and is part of the i.Park Hudson Studios development, supported by CIT since March 2020. The area, which enhances production capacity for Lionsgate, boasts amenities like a café and gardens, and is situated near the Yonkers Train Station for convenient access to New York City.

First Citizens Bank has successfully completed the conversion of 11 CIT Bank branches to its operations, enhancing customer access to a wider range of products and services. This move follows the merger of CIT Bank with First Citizens and marks the second significant branch conversion this year. Chairman Frank B. Holding Jr. highlighted the progress made over the past 10 months in integrating operations and expanding the bank's footprint. Customers can benefit from First Citizens' extensive banking network and digital services.

CIT, a division of First Citizens Bank, has arranged construction financing for the 147-megawatt solar project named Galloway 2 in Concho County, Texas. The project is developed by Avantus and is backed by Allianz Capital Partners, which holds a majority stake. The financing includes a long-term power purchase agreement with EDF Energy Services. This initiative reflects CIT's commitment to supporting renewable energy projects, building on the success of their previous Galloway 1 project completed in 2020.

First Citizens BancShares has announced the appointment of Eugene Flood Jr. to its Board of Directors, effective January 1, 2023. Flood fills the vacancy left by Daniel Heavner, who retires on December 31, 2022, after 15 years of service. Flood brings extensive experience, having served on the board of Janus Henderson Group and as former CEO of Smith Breeden Associates. He will be part of the BancShares' risk and trust committees, contributing to the bank's strategic oversight as it continues to grow post-merger with CIT Group, creating a top 20 U.S. financial institution with over $100 billion in assets.

First Citizens BancShares reported a net income of $315 million for Q3 2022, reflecting a 23.5% increase compared to the prior quarter. The company achieved strong loan growth, expanding net interest income by 13.6% or $95 million. Adjusted net income available to common stockholders rose to $326 million, or $20.77 per share. However, the bank faced a decrease in deposits by $1.8 billion, a 7.9% annualized drop. Credit quality remained stable with declining charge-offs.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 75 cents per share on Class A and Class B common stock, marking an increase of 28 cents from the previous quarter. This dividend is payable on Dec. 15, 2022, to shareholders of record by Nov. 30, 2022. Additionally, dividends on the Series A, B, and C preferred stocks were also announced. The positive decision reflects the company’s strong financial performance following the merger with CIT Group, resulting in over $100 billion in assets.

CIT, a division of First Citizens Bank, announced a financing deal of $39.25 million for Ridgeline Capital Partners to acquire a portfolio of seven medical office buildings and dialysis centers located in Texas, Georgia, Washington, and Idaho. The acquired properties consist of over 150,000 square feet of modern healthcare facilities. This transaction showcases CIT's commitment to supporting healthcare investments and demonstrates Ridgeline's expertise in the healthcare real estate sector.