First Citizens BancShares Inc - FCNCA STOCK NEWS

On August 5, 2021, First Citizens Bank announced the appointment of Kristen Saranteas as the new Treasury Management Services Executive. Saranteas, who has 30 years of treasury management experience, will lead the bank's team in providing essential financial services such as cash flow management, fraud prevention, and payment processing for commercial clients. Previously, she held a leadership role at First Midwest Bank. The bank, a subsidiary of First Citizens BancShares (Nasdaq: FCNCA), reported $55.2 billion in assets as of June 30, 2021.

First Citizens BancShares reported strong Q2 2021 earnings, with net income of $152.8 million, a decrease of 0.6% year-over-year. Net income per share rose to $15.09, up from $14.74. However, the net interest margin fell to 2.68%, down 46 basis points from Q2 2020, despite a 2.7% rise in net interest income to $346.4 million. Noninterest income decreased 18.9% to $134.2 million. Total deposits grew 23.1% to $48.4 billion, supported by organic growth and government stimulus, while loans declined 0.6%.

First Citizens BancShares (Nasdaq: FCNCA) announced a quarterly dividend on its 5.375% non-cumulative perpetual preferred stock, Series A, amounting to $0.134375 per depositary share. The dividend will be paid on September 15, 2021, to shareholders on record as of August 31, 2021. A total of 345,000 shares are currently outstanding under a Deposit Agreement issued in 2020, with each depositary share representing a 1/40th interest in a Series A preferred stock share.

First Citizens BancShares will report its financial results for Q2 ended June 30, 2021, on Aug. 3, 2021, before market opening. The conference call to discuss these results is scheduled for the same day at 9 a.m. ET. Interested parties can join by dialing 833-654-8257 (domestic) or 602-585-9869 (international) with conference ID 6592133. The earnings presentation and news release will be available on the company’s website. After the call, a replay will be accessible until Aug. 16, 2021.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share on both Class A and Class B common stock on July 19, 2021. This dividend will be payable on August 16, 2021, to shareholders on record as of July 30, 2021. First Citizens BancShares, headquartered in Raleigh, N.C., operates over 500 branches across 19 states, providing a wide range of financial services. For further details, visit firstcitizens.com.

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced that their proposed merger has secured regulatory approval from the FDIC, marking a significant step toward completion. Approval from the North Carolina Commissioner of Banks has also been obtained. The merger, expected to close in Q3 2021, aims to create a top 20 U.S. bank by assets, leveraging First Citizens' retail banking strengths and CIT's commercial lending capabilities. However, final approval from the Board of Governors of the Federal Reserve is still pending.

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced that their proposed merger has received regulatory approval from the FDIC. The merger is also approved by the North Carolina Commissioner of Banks and is expected to close in Q3 2021, pending approval from the Federal Reserve Board. This merger aims to create a top 20 U.S. bank by assets, combining First Citizens' retail banking with CIT's commercial lending strength, enhancing their market position and service offerings.

First Citizens Bank has appointed Matthew G.T. Martin as Chief Counsel, responsible for overseeing legal functions and advising the corporate board. Martin, a former U.S. Attorney for the Middle District of North Carolina, brings significant legal experience from his previous roles at Duke Energy and Smith Anderson. He will also serve as Corporate Secretary to the Board. First Citizens BancShares, with approximately $54 billion in assets as of March 31, 2021, is set to merge with CIT Group, pending regulatory approvals. This merger aims to enhance operational efficiency and market presence.

First Citizens Wealth Management has launched the First Citizens Easy Access Line, offering securities-based lines of credit (SBL) across all 50 states through a partnership with Supernova Technology. This service allows clients to utilize their non-retirement investment portfolios as collateral, ensuring continued investment while accessing liquidity. According to Steve Gilland, the new SBLs are designed for ease of access and flexibility, benefitting clients with immediate financial needs. The collaboration aims to enhance the digital experience for clients and financial advisors alike.