First Citizens BancShares Inc - FCNCA STOCK NEWS

CIT Commercial Services, a subsidiary of First Citizens Bank, announced the completion of a $75 million factoring facility for a consumer products wholesaler. This facility replaces an existing asset-based lending agreement, providing enhanced liquidity for the client to support operational growth. Tom Fingleton, managing director at CIT, highlighted the tailored financing package developed to meet the client's specific needs, enhancing their working capital flexibility. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is recognized as a top 20 U.S. financial institution with over $100 billion in assets.

CIT Commercial Services has increased a New York-based fashion company's discretionary lending facility to $100 million. This financing will support the acquisition of a company specializing in children's apparel. The fashion company, a longtime client of CIT, focuses on designing and distributing various apparel and accessories. The financial support aims to bolster the client's growth and business operations as they integrate the newly acquired entity.

CIT, a division of First Citizens Bank, has announced it served as the sole lead arranger for financing Swell Energy's development of over 100 behind-the-meter commercial energy storage projects in California. These projects benefit from California's Self-Generation Incentive Program aimed at promoting energy storage technology in underserved communities. CIT's Power and Energy business is recognized for its leadership in financing battery storage systems and renewable projects, contributing to the energy transition and offering significant growth opportunities in the commercial sector.

CIT, a division of First Citizens Bank, has provided financing for TruAmerica Multifamily's acquisition of The Park at Napoli Apartments in Winter Park, Florida. The property includes 238 units and is strategically located near major highways, enhancing its access to the Orlando metro area. TruAmerica’s director emphasized the property's value due to Orlando's rapid growth. CIT's Real Estate Finance team, known for its expertise in multifamily investments, expressed commitment to supporting TruAmerica's portfolio expansion.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share on Class A and Class B common stock, payable on Sept. 15, 2022, to shareholders of record by Aug. 31, 2022. Additionally, dividends were announced for preferred stocks: 5.375% Series A, 5.80086% Series B, and 5.625% Series C, all payable on the same date to respective holders of record. This marks a continued commitment to shareholder returns post-merger with CIT Group, strengthening BancShares’ position in the financial sector.

First Citizens BancShares reported strong second quarter earnings for 2022, with net income of $238 million, or $14.86 per share. This marks a decline from the first quarter's net income of $264 million. Adjusted net income dropped to $270 million due to a provision expense of $42 million. Loan growth was significant, up 13.5% annually, while net interest margin improved from 2.73% to 3.04%. The company announced a share repurchase plan for up to 1.5 million shares, emphasizing its focus on returning capital to shareholders.

CIT, a division of First Citizens Bank, announced the arrangement of $88 million in financing for a 173-megawatt battery storage facility in Texas. The borrower, Wolf Tank Storage, is affiliated with Aypa Power Development and focuses on renewable energy projects. This project aims to enhance electricity reliability in the ERCOT region, with construction underway and completion expected in Q1 2023. CIT’s Power and Energy business has a strong reputation in financing renewable projects, contributing to sustainable energy solutions.

First Citizens Bank has successfully completed the conversion of OneWest Bank, enhancing its Southern California operations. This transition integrates OneWest Bank customer accounts into First Citizens’ services, following the merger in January 2022. A total of 41 branches were converted, allowing OneWest customers to access a broader range of financial products and services. CEO Frank B. Holding Jr. highlighted the milestone as a significant step in strengthening the bank's presence and capabilities in the region.

CIT, a division of First Citizens Bank, announced an $80 million financing deal to refinance two container ships operated by Seamax. The strong container ship market and Seamax's expertise were highlighted as key factors in this transaction. CIT's Maritime Finance business specializes in secured loans for vessel owners and operators, further supporting its clients' strategic business goals. First Citizens BancShares, the parent company, is a top 20 U.S. financial institution, managing over $100 billion in assets.