First Citizens BancShares Inc - FCNCA STOCK NEWS

First Citizens Bank's Healthcare Finance group has announced financing of $44.2 million for a portfolio of medical office buildings in Wisconsin and Illinois. The portfolio includes three properties: ProHealth Medical Group urgent care in Brookfield, Silver Cross Health Center in Mokena, and Moreland Medical Center in Waukesha, totaling over 266,000 square feet of medical space. Kayne Anderson Real Estate and Remedy Medical Properties are the affiliates receiving this financing. Their partnership with First Citizens demonstrates the bank's commitment to tailored financing solutions for healthcare professionals.

First Citizens Bank has announced its acquisition of substantially all loans and certain assets, along with customer deposits and liabilities of Silicon Valley Bridge Bank from the FDIC. This transaction is designed to uphold the bank's strong financial status while enhancing its loan portfolio and deposit base. With total assets of $110 billion and loans amounting to $72 billion, the merger allows First Citizens to leverage its expertise in private equity and technology sectors, and significantly expand its operations in California and the Northeast. The 17 branches of Silicon Valley Bridge Bank will operate as a division of First Citizens starting March 27, 2023.

First Citizens Bank has announced the expansion of its Middle Market Banking group to better support midsize businesses in the Midwest and South Central U.S.. Since its official launch in September 2022, the group has been growing steadily and now comprises over 30 relationship managers. The bank caters to companies with revenues between $75 million and $750 million, offering various services including senior secured loans and treasury services. This expansion aims to strengthen their presence in the market and enhance financial solutions for public and family-owned companies, as noted by the group head, Brendan Chambers.

First Citizens Bank announced it has provided financing to Purus Clean Energy, a subsidiary of Purus Marine, for the acquisition of the MV Green Power, a 40,000 cbm ammonia carrier. This financing is part of First Citizens' Maritime Finance group, which specializes in customized solutions for vessel owners and operators. Purus Marine focuses on low-carbon maritime energy solutions and has a fleet of over 50 vessels in various sectors including offshore wind and LNG. The partnership aims to support the transition to a zero-carbon future in the maritime industry.

OYA Renewables has secured US$216M in financing for 15 community solar projects in New York State, enhancing its position as a significant player in the renewable energy sector. The funding includes US$145M from a construction-to-term loan led by CIT and US$71M from Monarch Private Capital through tax equity investment. These projects are expected to generate nearly 100 MWdc of renewable energy annually, with certain projects eligible for additional tax credits. This funding marks a key milestone in OYA's evolution from solar developer to independent power producer, enabling further contributions to New York's renewable energy capacity.

First Citizens Bank, headquartered in Raleigh, N.C., has been recognized for the tenth consecutive year by Coalition Greenwich, receiving 20 awards for small business and middle market banking. The bank ranked fourth overall among over 500 surveyed institutions, winning 11 awards in Small Business Banking and nine in Middle Market Banking. This includes accolades for customer satisfaction and service quality. The awards highlight First Citizens' commitment to strong business practices and customer relationships, reflecting its focus on innovative services and financial strength. The parent company, First Citizens BancShares (NASDAQ: FCNCA), holds over $100 billion in assets.

First Citizens Bank has rebranded its vendor equipment financing business to First Citizens Bank Equipment Finance, effective immediately. This change aims to enhance clarity and align the brand with its core mission of delivering financial solutions to vendors and customers. The unit, which became part of First Citizens Bank in January 2022 through its merger with CIT Group Inc., focuses on supporting small and mid-size businesses with equipment financing. The equipment finance business is recognized among the Top 10 by Monitor magazine and was named one of the 'Most Innovative Companies' for 2022. The bank anticipates that this new identity will accelerate growth.

First Citizens Bank announced financing of $50.3 million to Montecito Medical Real Estate for the recapitalization of a portfolio of medical office buildings. The portfolio spans 200,000 rentable square feet across seven locations in Florida, Illinois, and Pennsylvania. This financing strengthens First Citizens' Healthcare Finance division, which provides tailored banking solutions to middle-market healthcare companies. The partnership with Montecito Medical, recognized for its significant contributions to healthcare real estate, underscores First Citizens' commitment to building lasting relationships with its clients in the healthcare sector.