First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

CIT, part of First Citizens Bank, announced a $145 million credit facility for Natural Gas Compression Systems Inc. on April 21, 2022. This facility aims to support the company’s operations in contract compression across the U.S. and Canada, amidst strong industry demand. AJ Yuncker, CEO of Natural Gas Compression Systems, appreciates CIT Northbridge's agility in arranging this financing. Neal Legan, head of CIT Northbridge, noted favorable industry dynamics and the company's strong positioning in the market.

CIT, part of First Citizens Bank, has appointed Eric Smith as a business development officer for the West region in its Capital Equipment Finance business. Based in Greater Seattle, Smith will focus on fostering client relationships in states including California, Oregon, and Washington. With over 25 years in financial sales, his experience includes roles at Wells Fargo and GE Capital. CIT is recognized for its excellence in equipment financing, offering tailored loans and leases to middle-market and large-cap businesses.

CIT, a division of First Citizens Bank, announced a $37.2 million loan to Aminim Group for acquiring a 510,000 square feet distribution facility in Pittsburgh, Pennsylvania. The facility, fully leased to Amazon.com and Nogin, enhances logistical connectivity for over 800,000 consumers within a 30-minute drive. CIT's Real Estate Finance team expressed confidence in Aminim Group, citing their successful track record in real estate investments since 1996. First Citizens BancShares, Inc. (NASDAQ: FCNCA) is recognized as a top 20 U.S. financial institution with over $100 billion in assets.

First Citizens BancShares will report its financial results for the first quarter ended March 31, 2022, on April 28, 2022, before U.S. markets open. A conference call to discuss these results is scheduled for the same day at 9 a.m. ET. The presentation will be accessible on the company’s website. Following the call, a replay will be available until May 13, 2022. The recent merger with CIT Group has positioned First Citizens as one of the top 20 U.S. financial institutions, boasting over $100 billion in assets.

CIT, a division of First Citizens Bank, has announced the hiring of new business development leaders in its Commercial Services sector. In the Northeast, Howard Moore and Paul Pagano join as business development directors, enhancing client relationships and driving growth. Michael Rayner has been promoted to director in the West, focusing on team leadership and portfolio management. These changes reflect CIT's commitment to expanding its factoring finance services, supporting its clients while capitalizing on market opportunities.