First Citizens BancShares Inc - FCNCA STOCK NEWS

Mike Atkinson, senior director of community development at First Citizens, has been appointed steering committee chair for the North Carolina Bankers Association's (NCBA) Future Bank Leaders program. This initiative aims to develop a diverse talent pipeline for the banking industry by mentoring students from historically Black colleges and universities. The program includes a credit analysis class, scholarships, and internship coordination. Atkinson, with over 15 years in community development, will lead fundraising efforts to support scholarships and program costs. First Citizens, a top 20 U.S. financial institution with over $100 billion in assets, focuses on strengthening financial capabilities.

On February 8, 2023, First Citizens Bank's Healthcare Finance group announced the provision of $31.2 million to Montecito Medical Real Estate for acquiring a cancer treatment center in Columbia, South Carolina. The center, leased to South Carolina Oncology Associates (SCOA), a leader in oncology services in the region, will deliver comprehensive cancer care and support services. This financing strengthens First Citizens' partnership with Montecito Medical, known for its extensive healthcare real estate portfolio valued at over $5 billion since its inception. The development is strategically positioned between two major medical corridors, enhancing community healthcare access.

First Citizens Bank announced the launch of a new webinar series focused on the middle market, aimed at providing expert insights for business owners and executives. The inaugural webinar, titled New Year, New Economy, New Strategies, is set for February 23, 2023, from noon to 1 p.m. ET. The panel, moderated by Brendan Chambers, will include experts discussing economic trends and strategies for middle market companies in 2023. First Citizens, a leading financial institution with assets over $100 billion, aims to enhance relationship banking by offering valuable resources to its clients through this initiative.

First Citizens Bank's Real Estate Finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments in Redmond, Washington. This Class A multifamily project will feature 211 units with luxury amenities and is designed with sustainability in mind, targeting LEED Platinum and Fitwel certifications. The site is strategically located near major employers such as Microsoft and Amazon, promoting job growth in the area. The financing reflects First Citizens Bank's commitment to supporting innovative real estate developments.

On January 31, 2023, First Citizens Bank announced that its Healthcare Finance group has provided $52.4 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties. This funding is intended for a portfolio of over 300,000 square feet across 13 medical office buildings located in several states, including Virginia, Texas, and California. Leaders from both Kayne Anderson and CIT expressed satisfaction with the collaboration and the support for advancing their business objectives. First Citizens Bank, established in 1898, is a significant player in the U.S. banking sector, with over $100 billion in assets.

First Citizens BancShares (NASDAQ: FCNCA) reported solid financial results for Q4 2022, with a net income of $243 million or $16.67 per diluted share, impacted by a $55 million tax charge from exiting Bank Owned Life Insurance policies. Adjusted net income was $306 million or $20.94 per diluted share. The bank experienced strong loan growth, particularly in the Commercial Bank segment, while deposits grew 8.4% annualized. Despite an increase in nonaccrual loans to 0.89%, overall credit quality remains strong. The company is well-positioned for 2023, with plans to resume share buybacks in the second half of the year.

On January 24, 2023, First Citizens BancShares (NASDAQ: FCNCA) declared quarterly dividends for its Class A and Class B common stock, amounting to $0.75 per share, payable on March 15, 2023, to shareholders of record as of February 28, 2023.

Additionally, dividends for Series A, B, and C preferred stocks were announced, including a 5.375% dividend for Series A and an 8.741% dividend for Series B, both payable on the same date. The company's strong financial position is highlighted, with over $100 billion in assets, reinforcing its stability and commitment to shareholder returns.

First Citizens Bank announced the arrangement of $44.2 million in debt financing for Navios Maritime Partners L.P. through its Maritime Finance group. The financing, secured by product tankers, will enable Navios Partners to refinance existing obligations. Both companies expressed mutual appreciation for their collaboration and the expertise provided by Maritime Finance. First Citizens Bank, headquartered in Raleigh, N.C., is a leading family-controlled bank in the U.S., with over $100 billion in assets.

First Citizens BancShares, Inc. (NASDAQ: FCNCA) will release its fourth quarter and 2022 year-end financial results on January 26, 2023, before U.S. markets open. A conference call is scheduled for 9 a.m. ET on the same day to discuss the results, which may include forward-looking statements. Investors can join via phone or webcast. This follows the merger of First Citizens BancShares and CIT Group in January 2022, establishing them as a top 20 U.S. financial institution with over $100 billion in assets.