Welcome to our dedicated page for First Ctzns Bancshares N C news (Ticker: FCNCA), a resource for investors and traders seeking the latest updates and insights on First Ctzns Bancshares N C stock.
First Citizens BancShares, Inc. (NASDAQ: FCNCA) is the financial holding company for First Citizens Bank, a commercial bank headquartered in Raleigh, North Carolina. News about FCNCA often highlights its activities as a top 20 U.S. financial institution and Fortune 500 member, including developments across its retail, commercial, innovation and specialized banking units.
On this page, readers can follow news releases covering First Citizens Bank’s broad range of banking activities. Recent items include announcements from its Energy Finance business, which has arranged significant financing facilities for renewable and conventional power projects, and updates on commercial relationships with independent power producers and distributed solar developers. These stories illustrate how the bank’s sector-focused teams support clients in the energy industry.
News from Silicon Valley Bank, a division of First Citizens Bank, provides insight into technology, life science and healthcare markets. SVB regularly publishes detailed reports, such as its State of the U.S. Wine Industry and Healthcare Investments and Exits reports, which analyze trends in premium wine and healthcare venture capital, including AI-related healthcare investment. These releases show how the bank combines commercial banking with industry research.
Additional FCNCA news items cover corporate governance changes, such as board appointments and risk management leadership transitions, as well as branch acquisitions and middle market banking expansion in regions like the Northeast. Updates from CIT Bank, a division of First Citizens Bank, focus on consumer savings behavior and high-yield savings products.
Investors and observers can use this news feed to track FCNCA’s strategic moves, capital markets activity, specialized lending initiatives and research publications across its various divisions.
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.
CIT Commercial Services, a subsidiary of First Citizens Bank, announced a successful completion of a $50 million factoring facility with a West Coast consumer technology firm on October 12, 2022. This agreement aims to enhance the client's working capital flexibility, underscoring CIT's role as a leading provider of financial services in the consumer product sector. Darrin Beer, CIT's western regional manager, expressed satisfaction in supporting the client's needs within a dynamic industry. First Citizens BancShares, Inc. (NASDAQ: FCNCA) continues to enhance its financial offerings across the U.S. with over $100 billion in assets.
First Citizens BancShares will report its financial results for the third quarter on Oct. 27, 2022, before U.S. markets open. A conference call will follow at 8:30 a.m. ET to discuss these results. Investors can access the call by dialing specific numbers based on their location. The presentation and news release will be available on the company’s investor relations website. After the call, a replay will be accessible until Nov. 17, 2022.
Following a merger with CIT Group Inc., First Citizens is among the top 20 U.S. financial institutions, boasting over $100 billion in assets.
CIT Northbridge Credit, a division of First Citizens Bank, announced a $40 million revolving credit facility for Biery Cheese to refinance existing debt and enhance production capacity. This financing aims to support Biery Cheese's operational growth and diversify its customer base. The company produces up to 130 million pounds of cheese annually from its Louisville, Ohio facility. Biery Cheese's CEO, Ben Biery, expressed gratitude for CIT's assistance in their strategic financing, highlighting the company's long-standing reputation and experienced management team.