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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.
Shan Teel, who has led First Citizens Bank's Eastern North Carolina Region since 2016, will take over as the Central North Carolina Region Executive following the retirement of Chris Young on June 1, 2021. Young has contributed significantly to the bank's growth and success over her 18-year tenure. Teel's leadership is expected to enhance the bank's presence in both regions, where First Citizens operates 170 branches across 44 counties. The bank has over $53 billion in assets, highlighting its strong market position.
Small business owners exhibit strong growth optimism with nearly 80% feeling confident about the year ahead, according to the First Citizens Bank Small Business Forecast. This marks a 9% increase since September 2020, returning to pre-pandemic levels. Despite 40% citing COVID-19 as a concern, confidence in economic conditions also rose, with 61% optimistic about the upcoming year. However, perceived business success decreased from 71% to 61%.
First Citizens BancShares reported a strong Q1 2021, with net income soaring to $147.3 million, a 157.7% increase from $57.2 million in Q1 2020. Net income per share rose to $14.53 from $5.46. The bank achieved a 1.16% return on average assets, up from 0.57%, and a 14.70% return on average equity, compared to 6.34%. Total loans grew by 4.8% and deposits surged 36.4%. Noninterest income also saw a substantial increase of 113.5%, reaching $136.6 million.
The Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share for Class A and Class B common stock, payable on May 28, 2021, to shareholders of record on May 14, 2021.
Additionally, a quarterly dividend on the 5.375% non-cumulative perpetual preferred stock, Series A, will be paid on June 15, 2021, to holders of record as of May 31, 2021.
Currently, there are 345,000 shares outstanding for Series A preferred stock under a deposit agreement.
First Citizens BancShares will release its first-quarter financial results on April 28, 2021, before U.S. market open. A conference call will follow on the same day at 9 a.m. Eastern Time to discuss the results. Participants can dial in using the provided numbers, with a conference ID of 8784208. The earnings presentation will be accessible on their investor relations website. First Citizens BancShares serves individuals and businesses through over 500 branches in 19 states and offers digital banking services.
First Citizens Bank has appointed Patrick Nolan as the new director of Investment Strategy. Nolan will oversee the bank's investment offerings, including portfolio construction and asset allocation. With nearly 25 years of experience, he previously worked at BlackRock and has authored significant research in investment strategy. Reporting to Chief Investment Officer Brent Ciliano, Nolan's role aims to enhance the bank’s investment strategies. First Citizens Bank, founded in 1898, is among the largest family-controlled banks in the U.S.
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First Citizens Bank has unveiled a new community benefits plan worth $16 billion aimed at supporting low- and moderate-income (LMI) communities over five years (2021-2025). This initiative follows the proposed merger with CIT Group, focusing on affordable housing, small business lending, and community development. Key allocations include $6.9 billion for community development initiatives, $5.9 billion for small business loans, and $3.2 billion for home mortgages targeting LMI and minority borrowers. The plan emerged from discussions with the National Community Reinvestment Coalition.
On February 9, 2021, First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced that both companies received shareholder approvals for their proposed merger. The merger, expected to finalize in Q2 2021 pending regulatory approvals, will result in the formation of the 20th largest bank in the U.S. based on assets. The leadership emphasized that the merger will leverage their unique strengths and create opportunities for stakeholders, including stockholders and customers.
First Citizens BancShares and CIT Group have received stockholder approval for their merger, paving the way for the completion of the transaction in Q2 2021. This merger will create the 20th largest bank in the U.S. based on assets. Both companies are optimistic about leveraging their unique attributes to provide benefits for stakeholders, including shareholders and customers. The merger is contingent upon regulatory approvals and customary closing conditions.