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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.
CIT, a division of First Citizens Bank, has provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for acquiring a surgical hospital and medical office building portfolio in Wichita, Kansas. The portfolio includes the Kansas Spine & Specialty Hospital, recognized as one of America’s 100 best hospitals for spine surgery, and the Abay Medical Plaza, which houses key healthcare tenants. This acquisition aims to enhance healthcare services in the community, leveraging CIT’s expertise in healthcare finance.
First Citizens Bank has achieved recognition as one of the 2023 Best Places to Work in IT by Foundry's Computerworld. This accolade highlights the bank's positive work environment and commitment to professional growth for its 800+ IT associates. Key offerings include competitive salaries, remote work options, and a focus on diversity and inclusion. Dede Ramoneda, the CIO, noted that the ranking reflects the organization's dedication to exceptional service and enriching experiences for both employees and customers.
CIT, a division of First Citizens Bank, has announced its role as co-coordinating lead arranger for an $85 million construction-to-term debt financing for NineDot Energy. The funds will support the development of 11 battery storage projects in the NYC metro area, aimed at enhancing grid resiliency and supporting renewable energy. NineDot Energy is backed by Carlyle Group (NASDAQ: CG) and will implement projects across the Bronx, Staten Island, Queens, and Long Island, totaling 43 MW in capacity.
CIT, a division of First Citizens Bank, announced a $35 million revolving credit facility to Utopia Deals, a seller of linens and related products. The funding is aimed at supporting Utopia's working capital and growth strategy. Located in Plainview, N.Y., Utopia caters to various sectors including hospitality and healthcare, with a strong online retail presence. CIT's Asset-Based Lending division provided this financing to help Utopia achieve its business goals, emphasizing CIT's expertise in tailored financial solutions.
CIT Northbridge Credit announced a $27.78 million credit facility for Applied Optoelectronics, Inc. (AAOI), a leading provider of fiber-optic networking products. This financing aims to address the increasing bandwidth demand driven by the growth of network-connected devices and cloud computing. The credit facility supports AOI's strategy for market expansion and innovation in fiber-optic technology. CIT, part of First Citizens Bank, is focused on providing flexible debt solutions to support middle-market companies.
CIT, a division of First Citizens Bank, has arranged $135.6 million in financing for Superior Biologics Inc. This financing package, which consists of a term loan and a revolving line of credit, aims to refinance existing debt, fund a shareholder dividend, provide working capital, and support growth initiatives. Superior Biologics provides specialty pharmacy and home infusion therapy services, operating seven accredited pharmacies across the U.S. and serving patients in 43 states.
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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.