First Ctzns Bancshares Inc N C Stock Price, News & Analysis

Deutsche Bank and First Citizens Bank have successfully closed a $315.7 million financing for four battery energy storage systems in Texas. The projects, owned by a UBS Asset Management fund, will collectively provide 730 MW / 1,049 MWh of capacity and are expected to be operational later this year. Deutsche Bank Trust Company Americas served as Administrative Agent, with SocGen and Siemens joining as Joint Lead Arrangers. BankUnited, Mitsubishi HC Capital, and Bayern LB completed the syndicate.

The financing highlights the growing importance of battery storage systems in supporting grid stability and maximizing renewable energy value. This transaction adds to Deutsche Bank's track record in supporting renewable project developers and demonstrates First Citizens Energy Finance's expertise in the energy sector.

First Citizens Bank has arranged $145 million in financing for Linea Energy , a renewable energy developer and independent power producer. The financing package includes a revolving credit facility, a letter of credit, and a term loan to support Linea's diversified project pipeline across the United States. Linea Energy, established in 2002 and based in San Francisco, is a portfolio company of EnCap Investments L.P.

The deal demonstrates First Citizens Bank's commitment to providing tailored financing solutions for renewable energy developers. Mike Lorusso, head of First Citizens Bank's Energy Finance business, highlighted the innovative nature of the credit facility, which combines features of both corporate and project finance.

First Citizens Bank has upsized the credit facility for SG Credit Partners' asset-based lending verticals, SG Consumer Products and SG Commercial Finance. This increase supports SG Credit's recent addition of its Commercial Finance division and broader growth strategy. SG Credit Partners, a family-office backed lender, operates three verticals: Software + Technology, Consumer Products, and Commercial Finance.

The First Citizens Asset-Based Lending team has a long-standing relationship with SG Credit. Ryan Woody, COO at SG Consumer Products, praised First Citizens ABL for their expertise and agility in arranging additional financing. Chris Esposito, managing director at First Citizens Asset-Based Lending, expressed satisfaction in supporting SG Credit's growth trajectory.

First Citizens Bank announced that CIT Northbridge Credit has provided a $45 million revolving credit facility to MacPherson's, North America's largest creative materials distributor. MacPherson's distributes over 50,000 products from 200+ brands to retailers worldwide, with headquarters in Suwanee, Georgia and warehouses in Suwanee and Reno, Nevada.

Dave Schofield, CEO of MacPherson's, expressed appreciation for CIT Northbridge Credit's expertise and agility in creating a financial package to support their growth objectives. Neal Legan, who leads the team advising CIT Northbridge Credit, highlighted MacPherson's reputation in the industry for their expansive offerings and exclusive brands.

CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, provides flexible asset-based debt solutions to middle-market companies, offering revolving and term loan commitments from $15 million to $150 million.

Silicon Valley Bank's 2024 Mid-Year Healthcare Investments and Exits Report reveals a strong year for biopharma and steady rise in VC investment across the healthcare sector. Key findings include:

- 89% of US VC funds at or above $25M hit their fundraising targets
- 55 biopharma companies secured deals of $100M or more
- VC fundraising established a new baseline of just under $20B raised per year
- Over 25% of US healthcare companies closing VC deals of $15M+ reported flat or down rounds
- H1 2024 was the largest half for Series A biopharma investing since H1 2021
- Investment in rare disease companies is improving but still behind pre-pandemic levels

The report suggests 2024 could finish strong, with potential momentum from mega deals, AI leveraging, and public market performance in the healthcare sector.

First Citizens Wealth has announced an expansion of its presence in Atlanta to meet growing demand from entrepreneurs and business owners. The company is adding a portfolio strategist and plans to hire a wealth consultant and two private bankers to enhance its capacity to assist clients in achieving their financial goals. The Atlanta team specializes in private banking, wealth consulting, and certified exit-planning services for business owners.

First Citizens Wealth operates from three locations in the Atlanta area and has a presence in 29 locations across Georgia. With over $50 billion in assets under management, the company is building a nationwide wealth management practice focused on personalized customer service. The expansion in Atlanta is seen as part of a broader growth trajectory to meet the needs of the market's thriving entrepreneurial community.

Thumbtack, a technology company in the home services industry, has secured $75 million in financing from Silicon Valley Bank and Hercules Capital, Inc. (NYSE: HTGC). This comes after Thumbtack's best fiscal year, surpassing $300 million in revenue and achieving EBITDA profitability in 2023. The company's home segment revenue increased 30% year-over-year, with gross profit margins exceeding 90%.

Thumbtack recently launched its biggest product update, introducing 30 new features in its app. The update provides personalized recommendations for home projects and enables instant booking across over 100 categories. This financing aims to strengthen Thumbtack's position as it works to bring the $600 billion home services industry online, which is currently less than 10% digitized.

First Citizens Bank has provided $25 million in financing to F.W. Webb, the largest wholesale distributor of plumbing, heating, and industrial products in the Northeastern U.S. The financing will be used to refinance F.W. Webb's newly constructed warehouse and distribution center with a showroom in Boston, Mass. This deal coincides with First Citizens Middle Market Banking's expansion of banking services to midsize businesses across the Northeast.

F.W. Webb is a third-generation privately held company with over 100 locations across nine states in the Northeast. The new warehouse is strategically located near Boston's colleges, universities, and hospitals. First Citizens Middle Market Banking aims to deliver a range of financial solutions to midsize clients through a relationship banking model, offering deposit solutions, loans, treasury services, and other banking products.

First Citizens Bank's CIT Commercial Services unit has provided up to $48 million in financing to Crown Crafts Inc. (NASDAQ-CM: CRWS), a major producer of infant and toddler bedding and accessories. The financing package includes a $5 million upsize to a $40 million committed ABL revolving line of credit and an $8 million term loan. Crown Crafts used part of this financing to acquire the assets of Baby Boom Consumer Products, expanding its presence in the toddler bedding segment and adding diaper bags to its product line. This financing deal extends CIT's 20-year-plus relationship with Crown Crafts, supporting the company's growth strategy.