First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

First Citizens BancShares (FCNCA) reported Q3 2024 net income of $639 million, down from $707 million in Q2 2024. Net income available to common stockholders was $624 million ($43.42 per diluted share), decreasing from $691 million ($47.54 per diluted share). Net interest income totaled $1.80 billion, a $25 million decrease from Q2. The company experienced deposit growth of $495 million, reaching $151.57 billion, while loans decreased by $646 million to $138.70 billion. During Q3, the company repurchased over 350,000 shares for $700 million and maintained strong capital ratios with total risk-based capital at 15.36%.

First Citizens BancShares (Nasdaq: FCNCA) has announced dividend payments for December 16, 2024, for stockholders of record as of November 29, 2024. The quarterly common stock dividend increased to $1.95 per share from the previous $1.64 for both Class A and B shares. The company also declared dividends on three preferred stock series: Series A at $13.4375 per share ($0.335938 per depositary share), Series B at $23.205632 per share, and Series C at $0.351563 per share.

Silicon Valley Bank's 2024 Future of Fintech Report reveals a significant slowdown in fintech investment, with VC fundraising dropping 91% since 2021 peak. Despite challenges, nearly 80% of fintech companies improved EBITDA margins year-over-year. The sector shows signs of adaptation with AI emerging as a bright spot, particularly in customer service and productivity applications. Investment patterns have shifted towards early-stage deals, with seed rounds outnumbering Series A by 3:1. AI-native fintech companies are showing stronger value creation, with a median 4.0x return versus 2.7x for legacy companies in 2024 VC deals.