First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

First Citizens BancShares announced that it will report its financial results for Q2 ended June 30, 2022, before U.S. markets open on July 28, 2022. A conference call to discuss these results will occur on the same day at 9 a.m. Eastern Time. Following the call, a replay will be available through August 18, 2022. The company is one of the top 20 U.S. financial institutions, with over $100 billion in assets after merging with CIT Group Inc. in January 2022.

CIT, a division of First Citizens Bank, announced a $22 million loan to AZ Banner Investments LLC to refinance the Chandler Medical Plaza in Chandler, Arizona. This three-story medical office building houses an advanced surgery and imaging center operated by Banner Health, a leading nonprofit healthcare system. The financing aims to support the growing medical community in the area. CIT's Healthcare Finance unit provides tailored solutions to middle-market healthcare companies, emphasizing client-focused services.

CIT, a division of First Citizens Bank, has arranged up to $30.5 million in financing for Lomar Shipping to expand its fleet of dry bulk vessels. The funding aims to support diversification through the acquisition of Kamsarmax vessels. Nicholas Georgiou, CEO of Lomar, emphasized strong global demand for dry bulk commodities, reflecting confidence in their portfolio. CIT's Maritime Finance is part of the broader Commercial Finance group, providing tailored solutions for vessel owners.

CIT, a division of First Citizens Bank, has successfully arranged $30 million in financing for the acquisition of Madison Grove Apartments, a 171-unit multifamily complex located in North Phoenix, Arizona. The property is strategically situated near key amenities and is expected to meet strong demand for rental housing in the region. Brass Enterprises, the borrower, is known for its expertise in managing multi-family real estate investments. CIT aims to continue supporting Brass Enterprises in future investment opportunities.

CIT, a division of First Citizens Bank, announced its role as coordinating lead arranger for $714 million in financing for a portfolio of thermal generation assets in California. The funds will refinance a 1.8-gigawatt portfolio managed by Middle River Power, consisting of gas-fired peaking and combined cycle plants. This move aims to support economic growth and energy infrastructure in California. CIT's Power and Energy business focuses on comprehensive financing solutions across renewable and conventional sectors, with First Citizens being a top 20 U.S. financial institution.

80% of small business owners report confidence in growth despite economic uncertainty, with only 42% expressing a positive economic outlook. A recent First Citizens Bank survey revealed 67% of owners felt successful in the past year, an 8% increase YoY. Factors driving success included increased demand (33%) and fewer competitors (28%). However, economic confidence has decreased significantly, with only 49% optimistic about long-term conditions. Despite challenges, 80% of owners plan to grow, with aspirations to expand through hiring and new products.