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 Bank announced it has provided financing to Purus Clean Energy, a subsidiary of Purus Marine, for the acquisition of the MV Green Power, a 40,000 cbm ammonia carrier. This financing is part of First Citizens' Maritime Finance group, which specializes in customized solutions for vessel owners and operators. Purus Marine focuses on low-carbon maritime energy solutions and has a fleet of over 50 vessels in various sectors including offshore wind and LNG. The partnership aims to support the transition to a zero-carbon future in the maritime industry.
Summary not available.
OYA Renewables has secured US$216M in financing for 15 community solar projects in New York State, enhancing its position as a significant player in the renewable energy sector. The funding includes US$145M from a construction-to-term loan led by CIT and US$71M from Monarch Private Capital through tax equity investment. These projects are expected to generate nearly 100 MWdc of renewable energy annually, with certain projects eligible for additional tax credits. This funding marks a key milestone in OYA's evolution from solar developer to independent power producer, enabling further contributions to New York's renewable energy capacity.
First Citizens Bank, headquartered in Raleigh, N.C., has been recognized for the tenth consecutive year by Coalition Greenwich, receiving 20 awards for small business and middle market banking. The bank ranked fourth overall among over 500 surveyed institutions, winning 11 awards in Small Business Banking and nine in Middle Market Banking. This includes accolades for customer satisfaction and service quality. The awards highlight First Citizens' commitment to strong business practices and customer relationships, reflecting its focus on innovative services and financial strength. The parent company, First Citizens BancShares (NASDAQ: FCNCA), holds over $100 billion in assets.
First Citizens Bank has rebranded its vendor equipment financing business to First Citizens Bank Equipment Finance, effective immediately. This change aims to enhance clarity and align the brand with its core mission of delivering financial solutions to vendors and customers. The unit, which became part of First Citizens Bank in January 2022 through its merger with CIT Group Inc., focuses on supporting small and mid-size businesses with equipment financing. The equipment finance business is recognized among the Top 10 by Monitor magazine and was named one of the 'Most Innovative Companies' for 2022. The bank anticipates that this new identity will accelerate growth.
First Citizens Bank announced financing of $50.3 million to Montecito Medical Real Estate for the recapitalization of a portfolio of medical office buildings. The portfolio spans 200,000 rentable square feet across seven locations in Florida, Illinois, and Pennsylvania. This financing strengthens First Citizens' Healthcare Finance division, which provides tailored banking solutions to middle-market healthcare companies. The partnership with Montecito Medical, recognized for its significant contributions to healthcare real estate, underscores First Citizens' commitment to building lasting relationships with its clients in the healthcare sector.
CIT Commercial Services, a subsidiary of First Citizens Bank, has secured a non-recourse factoring agreement and an $8 million senior secured facility for a Los Angeles-based apparel company. This partnership aims to address the company's working capital and accounts receivable management needs. Darrin Beer, CIT's western regional manager, emphasized their commitment to crafting attractive financing solutions for clients. CIT is recognized as a leading provider of working capital financing and accounts receivable management for consumer product companies. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a major financial institution boasting over $100 billion in assets.
Mike Atkinson, senior director of community development at First Citizens, has been appointed steering committee chair for the North Carolina Bankers Association's (NCBA) Future Bank Leaders program. This initiative aims to develop a diverse talent pipeline for the banking industry by mentoring students from historically Black colleges and universities. The program includes a credit analysis class, scholarships, and internship coordination. Atkinson, with over 15 years in community development, will lead fundraising efforts to support scholarships and program costs. First Citizens, a top 20 U.S. financial institution with over $100 billion in assets, focuses on strengthening financial capabilities.
On February 8, 2023, First Citizens Bank's Healthcare Finance group announced the provision of $31.2 million to Montecito Medical Real Estate for acquiring a cancer treatment center in Columbia, South Carolina. The center, leased to South Carolina Oncology Associates (SCOA), a leader in oncology services in the region, will deliver comprehensive cancer care and support services. This financing strengthens First Citizens' partnership with Montecito Medical, known for its extensive healthcare real estate portfolio valued at over $5 billion since its inception. The development is strategically positioned between two major medical corridors, enhancing community healthcare access.
First Citizens Bank announced the launch of a new webinar series focused on the middle market, aimed at providing expert insights for business owners and executives. The inaugural webinar, titled New Year, New Economy, New Strategies, is set for February 23, 2023, from noon to 1 p.m. ET. The panel, moderated by Brendan Chambers, will include experts discussing economic trends and strategies for middle market companies in 2023. First Citizens, a leading financial institution with assets over $100 billion, aims to enhance relationship banking by offering valuable resources to its clients through this initiative.