First Citizens BancShares Inc - FCNCA STOCK NEWS

Silicon Valley Bank's latest Healthcare Investments and Exits Report reveals that venture capital investment in healthcare reached $23 billion in 2024, up from $20 billion in 2023. Artificial Intelligence emerged as a dominant force, particularly in biopharma, capturing 30% of total healthcare investment.

The biopharma AI sector experienced remarkable growth, with investments exceeding $5.6 billion in 2024, marking a 300% increase from 2023 and surpassing 2021 figures by nearly $2 billion. Notably, 71% of biopharma AI investments came from mega deals exceeding $100 million.

The report highlights several key trends: seed rounds represented 40% of all deals, with 35% of companies receiving seed funding utilizing AI. Valuations showed a 1.5x median increase for companies raising after down rounds. While healthtech focuses on proven companies, diagnostics/tools sector shows promise in liquid biopsies and precision diagnostics, and the device sector sees potential revival through hospital-focused innovations.

First Citizens BancShares (NASDAQ: FCNCA) has announced it will release its fourth quarter 2024 financial results before U.S. markets open on Friday, January 24, 2025. The company will host a conference call and webcast at 9 a.m. Eastern time on the same day to discuss the results.

First Citizens BancShares (FCNCA) has appointed Matt Snow to its board of directors and its subsidiary, First-Citizens Bank & Trust Company, effective January 2, 2025. Snow currently serves as chairman of the governing board of Forvis Mazars, a top 10 U.S. accounting firm, and as vice chairman of Forvis Mazars Global's governing board. He is expected to retire from these positions in May 2025.

Snow brings over 30 years of experience, including leadership roles at Dixon Hughes Goodman LLP as CEO and KPMG as an audit partner. He will serve on the joint audit committee of BancShares and First Citizens Bank, as well as First Citizens Bank's trust committee.

Legion Technologies has secured $50 million in financing from Silicon Valley Bank, completing a $100 million raise in 2024 and bringing total funding to $195 million. The company, which specializes in AI-powered workforce management, reported strong revenue growth and introduced 70 new product features, including Employee Productivity-Based Scheduling and Time and Attendance Workbench powered by generative AI.

The company has grown 374% over the past three years and launched innovative features like Enhanced Shift Offers, Enhanced Schedule Score, and Increased Extensibility. Legion also developed Generative AI assistants to help analyze schedules, timesheets, and customize app experiences, aiming to reduce administrative tasks for managers.

Pivot Energy has secured major financing arrangements totaling over $450 million to support the construction of 300 Megawatts of distributed generation solar projects across the United States. The financing includes a debt warehouse facility led by First Citizens Bank and ATLAS SP Partners, along with a structured equity investment from HASI in a new project joint venture. The portfolio comprises 96 projects across nine states, primarily focusing on community solar installations, with the remainder being commercial Power Purchase Agreements. The projects are expected to be operational within two years, representing Pivot's largest financing agreement to date.

Silicon Valley Bank (SVB), a division of First Citizens Bank, has provided $35 million in debt financing to Squire Technologies, a company offering management and POS systems for barbershops. The funding, provided through SVB's Enterprise Software Group, will help Squire expand its platform and drive innovation. Founded in 2015, Squire's comprehensive platform includes tools for CRM, appointment management, analytics, and POS systems, helping barbershop owners streamline operations, manage clientele, and increase revenue.

Bugcrowd has secured a $50 million growth capital facility from Silicon Valley Bank (SVB), a division of First Citizens Bank. The financing, provided by SVB's Enterprise Software Group, will be used to scale Bugcrowd's AI-powered platform globally, fund platform innovation, and pursue strategic M&A opportunities. Bugcrowd's crowdsourced cybersecurity solutions have served over 1,200 customers including OpenAI, Google, T-Mobile, and the US Department of Defense. The company's 'skills-as-a-service' approach has proven effective in uncovering high-impact vulnerabilities across various digital infrastructures.

First Citizens Bank has announced the launch of a new tax equity investment product through its Energy Finance business to finance renewable energy projects. The product enables qualified investors to benefit from tax incentives promoting renewable energy development. The bank will focus primarily on financing solar, wind, and battery energy storage projects.

This expansion joins First Citizens with a select group of experienced lenders offering both senior debt and tax equity investments in renewable energy. The initiative aims to address a market shortage of expertise in structuring tax equity investments, potentially increasing available financing for renewable energy project development.

First Citizens Wealth's 'Beyond Wealth' study reveals significant gaps in business valuation confidence and exit planning among affluent business owners. Only 52% claim to know their business's exact worth, with 44% of those lacking confidence in their assessment. Despite 87% having some idea of their business value, merely 62% have conducted formal valuations. The study also shows that only 47% have an exit strategy, with 31% planning to transfer to family members and 19% considering selling to other business owners. While 85% of affluent business owners have professional financial advisors compared to 68% of non-business owners, only 33% feel well-prepared for business exit.