First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

CIT, a division of First Citizens Bank, has successfully arranged financing for Kenneth Cole Productions, a prominent fashion brand. The funding will refinance existing debt and support future growth strategies as the company capitalizes on rebounding consumer demand post-pandemic. CIT's Asset-Based Lending initiative, with participation from WhiteHawk Capital Partners, is aimed at enhancing working capital through innovative structures to reduce costs and mitigate risks, leveraging collateral assets. Kenneth Cole is well-positioned to benefit from increasing consumer spending.

CIT, a division of First Citizens Bank, announced a financing package of $35.6 million for the acquisition of two multifamily residential properties in the North Shore area of Massachusetts. The properties, The Heights at Haverhill and Thorndike Exchange, total 107 residential units along with office and retail space. CIT's Real Estate Finance division facilitated the financing, emphasizing the properties' strategic location near transportation and services. This move underlines First Citizens Bank's commitment to expanding its commercial real estate portfolio.

On March 29, 2022, CIT Northbridge Credit and Tiger Finance announced up to $47 million in financing for a major e-commerce seller of branded consumer products. The financing includes a $30 million revolving credit facility from CIT Northbridge, a $5 million term loan from Tiger Finance, and an optional $12 million accordion. These funds will support the client's inventory needs and growth initiatives. Neal Legan of CIT expressed confidence in the client's capabilities, highlighting their strong performance and growth potential.

CIT, a division of First Citizens Bank, has announced a $29.9 million loan for Aminim Group to acquire a portfolio of industrial buildings in Greater Chicago. This portfolio features three fully leased buildings near I-294 and O'Hare International Airport, currently occupied by six tenants across various industries. The acquisition is positioned to leverage the steady leasing growth in the Chicago industrial market, enhancing Aminim Group's investment portfolio.