First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

CIT, a division of First Citizens Bank, has boosted its financing to Polska Zegluga Morska Capital Group, also known as Polsteam Group, by $10 million through a secondary purchase. This increases CIT's total financing commitment to Polsteam by approximately 50%, now secured by 26 dry-bulk carriers. Evan Cohen, managing director, expressed confidence in Polsteam's future and looks forward to further collaboration as the company expands its operations. CIT Maritime Finance specializes in providing customized solutions for vessel owners and operators.

CIT Northbridge Credit has arranged a $65 million credit facility for Hello Bello, a company focused on affordable family care products. This financing aims to support Hello Bello's growth in market share, as indicated by co-founder Jennifer Pullen. Established in 2019 by Kristen Bell and Dax Shepard, Hello Bello offers eco-friendly, premium-quality essentials available online and at major retailers. CIT's support highlights their commitment to assisting middle-market companies with tailored financial solutions.

First Citizens BancShares (FCNCA) reported strong Q1 2022 earnings, achieving net income of $264 million or $16.70 per share, up from $142 million in Q1 2021. The successful merger with CIT Group added $431 million in preliminary gains, contributing to significant deposit and loan growth. Net interest income reached $649 million, while net interest margin expanded to 2.73%. Despite a rise in allowance for credit losses to $848 million due to the merger, credit quality remains robust. The company anticipates $250 million in cost savings by the end of 2023.

The Board of Directors of First Citizens BancShares declared dividends on April 26, 2022, for Class A and B common stock and Series A, B, and C preferred stock. A quarterly dividend of 47 cents per share will be paid on June 15, 2022, to shareholders on record by May 31, 2022. Preferred stock dividends include 5.375% for Series A and 5.625% for Series C, also payable June 15, 2022. Series B preferred stock dividends will be paid quarterly, starting September 15, 2022, at a rate of 5.800% per year, transitioning to a LIBOR-based rate thereafter.