First Citizens BancShares Inc - FCNCA STOCK NEWS

CIT Northbridge Credit has arranged a $20 million senior lending facility for Davey Coach Holdings, a key player in shuttle bus services. This financing, aimed at refinancing existing debt and supporting future growth, underscores the resurgence of the travel industry post-pandemic. Davey Coach anticipates an uptick in demand for regional transportation solutions. The transaction highlights CIT's expertise in providing tailored financing solutions for middle-market companies like Davey Coach, which operates in a competitive sector.

CIT, a division of First Citizens Bank, has announced its role as the sole lender for a $35 million senior secured credit facility for D.P. Nicoli Inc., which specializes in trench shoring rental equipment across California, Oregon, Washington, and Idaho. The funding will be utilized to refinance existing debt, restructure equity, and pursue growth opportunities. CIT's expertise in asset-based lending positions them well to support middle-market companies like D.P. Nicoli as they execute strategic initiatives.

First Citizens Bank has announced significant changes to its fee structure for consumer accounts, effective mid-2022. The bank will eliminate the nonsufficient funds (NSF) fee of $36 and reduce the overdraft fee from $36 to $10. As one of the first major regional banks to implement such changes, First Citizens emphasizes its commitment to customer relationships and financial well-being. The bank plans to continue offering tools for customers to manage their accounts more effectively, including digital banking alerts and various overdraft protection options.

On January 25, 2022, the Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share on its Class A and Class B common stock, payable on March 15, 2022, to shareholders of record by February 28, 2022. Additionally, dividends for the Series A and Series C preferred stocks, both with non-cumulative rates of 5.375% and 5.625% respectively, were also declared for the same payment date. This announcement follows the company's merger with CIT Group, creating a financial institution with over $100 billion in assets.

First Citizens BancShares reported its fourth quarter and full-year earnings for 2021, revealing a net income of $123.3 million, a 10.7% decline from the previous year. Net income per share fell to $12.09, down from $13.59. The net interest margin dipped to 2.58%, a 44 basis points decrease year-over-year. Total deposits grew by $8.0 billion, an increase of 18.4% since 2020. The merger with CIT Group was finalized on January 3, 2022, enhancing First Citizens' market position as a top 20 U.S. financial institution, with plans for integration underway.

CIT, a division of First Citizens Bank, has arranged a senior secured credit facility for the FPA WhiteHawk III-Plus Master Fund. This funding aims to enhance the Fund's investments by leveraging its existing portfolio and aiding future growth. WhiteHawk Capital, the Fund's sub-investment manager, praised CIT’s expertise in facilitating this credit arrangement. The credit facility is expected to support the Fund's strategy in sourcing asset-based loans for both public and private companies, contributing to their investment goals.

On January 24, 2022, First Citizens BancShares (FCNCA) announced its plan to redeem approximately $2.9 billion of senior unsecured debt. This includes various senior notes due between 2022 and 2025, with a total principal amount of $2.9 billion. The redemption, scheduled for February 24, 2022, aims to optimize First Citizens' balance sheet and reduce debt costs using excess cash from deposit growth. The notes will be redeemed at either 100% of their principal or the present value of remaining scheduled payments, plus accrued interest.

CIT, part of First Citizens Bank, announced financing exceeding $5 million for a construction firm to acquire heavy equipment, including articulated dump trucks and excavators. This funding underscores strong demand for infrastructure construction in the Southwest and Midwest. Harold Ray, director of CIT's Equipment Finance-Industrial business, highlighted the importance of speed in execution and anticipates more financing opportunities in 2022. CIT's Equipment Finance focuses on providing solutions to various commercial clients, enhancing their operational capabilities.

CIT, a division of First Citizens Bank, has arranged $50.5 million in financing for the construction of Amp Energy's NY3 community solar project in New York State. This portfolio includes six solar projects with a total generation capacity of 34 megawatts, set to begin operations in Q1 2022. The energy produced is fully contracted for sale to local consumers. CIT's Power and Energy division remains a key player in renewable energy financing, having previously supported Amp with the AMP NY2 project.