First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

CIT, a division of First Citizens Bank, has provided $110 million in senior secured credit facilities to Quipt Home Medical Corp. The financing comprises a delayed draw term loan and a revolving credit facility, aimed at refinancing existing debt and facilitating future growth, including acquisitions. Quipt, a leader in home medical equipment focused on in-home monitoring, views this financing as a validation of its business model and a means to pursue its aggressive growth strategy while maintaining a healthy balance sheet.

CIT Northbridge Credit has arranged a $65 million revolving credit facility for Everlane, a retailer focused on sustainable apparel. This financing will support Everlane's growth through new stores and product expansion, enhancing its sustainability mission. Everlane, founded in 2011, operates primarily online and through 10 retail locations across the U.S. The partnership reflects CIT Northbridge's commitment to supporting companies in the apparel sector, particularly with the growing emphasis on environmental impact.

CIT, a division of First Citizens Bank, has arranged debt financing to support SK Capital Partners' investment in VanDeMark Chemical, in collaboration with existing co-owner Comvest Partners. The financing was supported by participation from HSBC, Siemens, and Israel Discount Bank. VanDeMark, based in Lockport, N.Y., specializes in high-end specialty chemical intermediates across diverse markets including life sciences and electronics. CIT Sponsor Finance provides senior financing for middle-market private equity firms, enhancing its role in private equity transactions.

CIT, a division of First Citizens Bank, announced the provision of $50.8 million to Seavest Healthcare Properties for refinancing the Providence Family Wellness Center in Hillsboro, Oregon. This 118,000 square foot facility offers various healthcare services including primary care and urgent care. Leased to Providence Health & Services, a significant player in the U.S. healthcare system, the wellness center serves a growing community. CIT's Healthcare Finance unit focuses on tailored financing solutions for middle market healthcare firms, supporting strategic investments across the sector.

CIT, a division of First Citizens Bank, announced $10 million in financing to Blue Sky Specialty Pharmacy, a Charleston-based company focused on enhancing the prescription process for patients and healthcare providers. This financing was facilitated through a collaboration between the Middle Market Banking team and the Asset-Based Lending division, both part of First Citizens' acquisition of CIT in January. Blue Sky aims to leverage this funding to further innovate its technology and improve service delivery in the specialty pharmacy sector.