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.
On January 4, 2022, First Citizens BancShares (NASDAQ: FCNCA) announced the completion of its merger with CIT Group Inc. This merger positions First Citizens as a top 20 U.S. financial institution with over $100 billion in assets, enhancing its retail and commercial offerings. The integration aims to leverage the strengths of both organizations, with CIT clients benefiting from First Citizens’ stability and expanded services. Key appointments include Ellen R. Alemany as vice chairwoman, ensuring experienced leadership during this transition.
First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) have received the necessary regulatory approvals to merge, following clearance from the Federal Reserve Board, FDIC, and the North Carolina Commissioner of Banks. The merger is expected to close in early January 2022, creating a top 20 bank in the U.S. The combined entity aims to leverage the strengths of both banks for enhanced service offerings. Customers will experience no immediate changes to their accounts, and future changes will be communicated in advance.
First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced their merger has received regulatory approval from the Federal Reserve. This follows earlier approvals from the FDIC and North Carolina's banking commissioner. The merger is expected to complete in early January 2022, creating a top 20 U.S. bank based on assets. The integration aims to leverage First Citizens' retail banking and CIT's commercial lending strengths, promising enhanced services for customers and potential market expansion.
First Citizens Bank is launching a donation initiative for Teen Cancer America (TCA) to support young adults facing cancer. From now until December 31, 2021, customers can contribute through various means, including via their First Citizens Visa Rewards Credit Card. TCA aims to improve oncology care for teens by developing specialized facilities and programs. The bank has supported TCA since 2015, contributing over $3 million to enhance treatment outcomes in five hospitals in the Southeast. This partnership seeks to transform cancer care for adolescents and young adults.
Marco Maiurano has been appointed as the Chief Information Security Officer at First Citizens Bank, effective immediately. He brings over 20 years of experience in security strategy and operations, previously serving at Barclays and AIG. Chief Risk Officer Lorie Rupp noted that Maiurano's expertise will enhance the bank's information security team as it aims to fortify data protection amid growing cyber threats. First Citizens Bank currently operates 500 branches across 19 states, with assets totaling $56.9 billion as of September 30, 2021.
First Citizens BancShares declared a quarterly dividend of 47 cents per share for Class A and Class B common stock, payable on November 30, 2021, to shareholders of record by November 10, 2021.
The Board also approved a regular quarterly dividend for the 5.375% non-cumulative perpetual preferred stock, Series A, to be distributed on December 15, 2021, to holders of record as of November 30, 2021.
As of now, there are 345,000 outstanding shares of Series A preferred stock.
First Citizens BancShares (Nasdaq: FCNCA) reported Q3 2021 net income of $124.1 million, a 13% decrease from $142.7 million in Q3 2020. Net income per share fell to $12.17 from $14.03. Key metrics include a net interest margin of 2.61%, down 45 basis points year-over-year, and a return on average assets of 0.88%, down from 1.18%. Total loans decreased by 1.1%, while deposits increased by 20.4% to $50.1 billion. The company announced a merger with CIT Group Inc., with regulatory approval pending.
First Citizens BancShares announced it will release its financial results for Q3 2021 before the market opens on October 27, 2021. Following this, a conference call is scheduled for 9 a.m. Eastern time on the same day to discuss the results. Investors can access the earnings presentation and news release on the company’s website. The bank, which has over 500 branch offices across 19 states, provides a variety of financial services to individuals and businesses.
First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) have extended their merger agreement from October 15, 2021, to March 1, 2022. The merger has received approval from the North Carolina Commissioner of Banks and the FDIC, with the Federal Reserve Board's approval pending. This merger will create a top 20 U.S. bank by assets, leveraging First Citizens' retail banking strength and CIT's commercial lending expertise. Both companies are focused on securing the necessary regulatory approval to finalize the transaction.
First Citizens BancShares and CIT Group have extended their merger agreement to March 1, 2022. The merger has received approval from North Carolina's Commissioner of Banks and the FDIC, with only the Federal Reserve Board's approval pending. Both companies have addressed all inquiries from the Federal Reserve's staff, who have indicated that the application is currently at the Governor level. Upon completion, the merger will create a top 20 bank in the U.S., leveraging First Citizens' retail banking strengths and CIT's commercial lending capabilities.