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, announced a reorganization of its Commercial Services factoring business to enhance client service and growth potential. Effective immediately, Marc Heller will report to Peter Bristow, and Michael Hudgens has been appointed managing director and group head. This restructuring aims to improve agility in client support in today's fast-paced market, leveraging CIT's industry expertise. First Citizens Bank aims to create value through a broader product range and improved commercial lending capabilities.
CIT, a division of First Citizens Bank, acted as the sole lead arranger for a $39.6 million loan to Clarion Partners for the Southside Logistics Center in Baltimore, Maryland. The facility will consist of two Class-A industrial buildings, totaling over 483,000 square feet, with completion expected in May and August 2022. This strategic financing supports the growing demand for logistics in the region due to the Port of Baltimore's performance.
First Citizens Bank, based in Raleigh, N.C., received 22 Greenwich Excellence and Brand Awards for 2021, solidifying its status as a leader in small business and middle market banking. The awards include 17 wins in Small Business Banking (13 national, 4 regional) and 5 in Middle Market Banking (2 national, 3 regional). This recognition reflects the bank's commitment to customer satisfaction and strong relationships, as highlighted by executives Patrick Noble and Brendan Chambers. The awards were determined through extensive customer interviews across the country.
CIT, part of First Citizens Bank, announced financing of $51 million for the acquisition of Oceana Apartments in Avondale, Arizona. The property consists of 240 units and was purchased by 29th Street Capital, a well-regarded multifamily investment firm based in Chicago. Senior Vice President Dusty Eddy praised CIT's expertise in arranging the financing. CIT's Real Estate Finance business provides tailored financing solutions, contributing to the bank's mission of supporting middle-market and small businesses across the U.S.
CIT, a division of First Citizens Bank, has provided over $44 million in financing for medical office buildings across Florida, Washington, and Arizona. The loans support a joint venture led by Montecito Medical Real Estate, with acquisitions in locations including Jacksonville and Fleming Island in Florida, Scottsdale in Arizona, and Spokane in Washington. This initiative reflects strong market demand for top-tier medical office properties and reinforces CIT's role as a reliable lender in the healthcare sector.
CIT, a division of First Citizens Bank, announced financing of $71.4 million for Arches Solar LLC, aiding a portfolio of solar projects in Howard County, Maryland. This financing supports the municipality's commitment to providing clean energy, with projects under the largest purchase power agreement in the state. CleanCapital, the parent company, has invested over $800 million in more than 200 projects since its inception in 2015. CIT continues to be a top lender in renewable energy financing, as recognized by Inframation.
CIT, part of First Citizens Bank, announced it arranged $80.7 million for IRA Capital's acquisition of surgical centers in Naples, Florida, and Alexandria, Louisiana. The financing consists of $49.2 million for a surgical hospital in Naples, leased to notable health systems, and $31.5 million for CHRISTUS Central Louisiana Surgical Hospital in Alexandria. This move enhances IRA's healthcare real estate portfolio, and reflects CIT's robust position in healthcare finance, supporting clients with tailored solutions in a growing market.
CIT Northbridge Credit has arranged a $20 million senior lending facility for Davey Coach Holdings, a key player in shuttle bus services. This financing, aimed at refinancing existing debt and supporting future growth, underscores the resurgence of the travel industry post-pandemic. Davey Coach anticipates an uptick in demand for regional transportation solutions. The transaction highlights CIT's expertise in providing tailored financing solutions for middle-market companies like Davey Coach, which operates in a competitive sector.
CIT, a division of First Citizens Bank, has announced its role as the sole lender for a $35 million senior secured credit facility for D.P. Nicoli Inc., which specializes in trench shoring rental equipment across California, Oregon, Washington, and Idaho. The funding will be utilized to refinance existing debt, restructure equity, and pursue growth opportunities. CIT's expertise in asset-based lending positions them well to support middle-market companies like D.P. Nicoli as they execute strategic initiatives.
First Citizens Bank has announced significant changes to its fee structure for consumer accounts, effective mid-2022. The bank will eliminate the nonsufficient funds (NSF) fee of $36 and reduce the overdraft fee from $36 to $10. As one of the first major regional banks to implement such changes, First Citizens emphasizes its commitment to customer relationships and financial well-being. The bank plans to continue offering tools for customers to manage their accounts more effectively, including digital banking alerts and various overdraft protection options.