First Citizens BancShares Inc - FCNCA STOCK NEWS

First Citizens BancShares has announced the appointment of Eugene Flood Jr. to its Board of Directors, effective January 1, 2023. Flood fills the vacancy left by Daniel Heavner, who retires on December 31, 2022, after 15 years of service. Flood brings extensive experience, having served on the board of Janus Henderson Group and as former CEO of Smith Breeden Associates. He will be part of the BancShares' risk and trust committees, contributing to the bank's strategic oversight as it continues to grow post-merger with CIT Group, creating a top 20 U.S. financial institution with over $100 billion in assets.

First Citizens BancShares reported a net income of $315 million for Q3 2022, reflecting a 23.5% increase compared to the prior quarter. The company achieved strong loan growth, expanding net interest income by 13.6% or $95 million. Adjusted net income available to common stockholders rose to $326 million, or $20.77 per share. However, the bank faced a decrease in deposits by $1.8 billion, a 7.9% annualized drop. Credit quality remained stable with declining charge-offs.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 75 cents per share on Class A and Class B common stock, marking an increase of 28 cents from the previous quarter. This dividend is payable on Dec. 15, 2022, to shareholders of record by Nov. 30, 2022. Additionally, dividends on the Series A, B, and C preferred stocks were also announced. The positive decision reflects the company’s strong financial performance following the merger with CIT Group, resulting in over $100 billion in assets.

CIT, a division of First Citizens Bank, announced a financing deal of $39.25 million for Ridgeline Capital Partners to acquire a portfolio of seven medical office buildings and dialysis centers located in Texas, Georgia, Washington, and Idaho. The acquired properties consist of over 150,000 square feet of modern healthcare facilities. This transaction showcases CIT's commitment to supporting healthcare investments and demonstrates Ridgeline's expertise in the healthcare real estate sector.

CIT Commercial Services, a subsidiary of First Citizens Bank, announced a successful completion of a $50 million factoring facility with a West Coast consumer technology firm on October 12, 2022. This agreement aims to enhance the client's working capital flexibility, underscoring CIT's role as a leading provider of financial services in the consumer product sector. Darrin Beer, CIT's western regional manager, expressed satisfaction in supporting the client's needs within a dynamic industry. First Citizens BancShares, Inc. (NASDAQ: FCNCA) continues to enhance its financial offerings across the U.S. with over $100 billion in assets.

First Citizens BancShares will report its financial results for the third quarter on Oct. 27, 2022, before U.S. markets open. A conference call will follow at 8:30 a.m. ET to discuss these results. Investors can access the call by dialing specific numbers based on their location. The presentation and news release will be available on the company’s investor relations website. After the call, a replay will be accessible until Nov. 17, 2022.

Following a merger with CIT Group Inc., First Citizens is among the top 20 U.S. financial institutions, boasting over $100 billion in assets.

CIT Northbridge Credit, a division of First Citizens Bank, announced a $40 million revolving credit facility for Biery Cheese to refinance existing debt and enhance production capacity. This financing aims to support Biery Cheese's operational growth and diversify its customer base. The company produces up to 130 million pounds of cheese annually from its Louisville, Ohio facility. Biery Cheese's CEO, Ben Biery, expressed gratitude for CIT's assistance in their strategic financing, highlighting the company's long-standing reputation and experienced management team.

CIT, a division of First Citizens Bank, announced it arranged $58.9 million in financing for the acquisition of a portfolio of six micro-hospitals located in the Dallas/Fort Worth, Texas area. The properties, branded as Baylor Scott & White Emergency Hospital, cover 189,385 square feet of fully leased space. Rethink Healthcare Real Estate, the buyer, emphasized the importance of micro-hospitals in healthcare delivery. CIT Healthcare Finance continues to strengthen its relationship with Rethink through this investment, showcasing its role in middle market healthcare financing.

CIT Northbridge Credit, part of First Citizens Bank, announced financing for Mohawk Fine Papers, North America's largest privately held premium paper manufacturer. The funds will refinance existing debt and provide working capital for strategic initiatives. Mohawk, family-owned since 1931, is known for its innovative and sustainable paper products. CFO Casey Rosenzweig praised CIT's flexibility in designing a financing package to support their growth. Neal Legan from CIT emphasized Mohawk's legacy and experienced management as key factors in their financing commitment.