First Ctzns Bancshares Inc N C - FCNCA STOCK NEWS

According to a recent CIT Bank survey by The Harris Poll, 70% of Americans are saving the same or more compared to last year. However, nearly half of those making resolutions plan to make purchases, indicating potential spending temptations. Health (65%), personal life (59%), and finances (54%) are prioritized among resolutions, with 77% focusing on saving more. Furthermore, 90% of those who made resolutions last year reported tracking their goals. Notably, 88% of savers feel their increased savings provide greater financial flexibility.

First Citizens BancShares (NASDAQ: FCNCA) has successfully completed its merger with CIT Group, resulting in a financial institution with over $100 billion in assets and a top 20 ranking in the U.S. This merger combines the robust retail banking services of First Citizens with CIT's commercial lending and digital banking expertise. The integration will initially maintain existing operations under the CIT brand while transitioning to First Citizens systems. A community benefits plan aims to reinvest $16 billion in low- and moderate-income communities by 2025.

On January 4, 2022, First Citizens BancShares (NASDAQ: FCNCA) announced the completion of its merger with CIT Group Inc. This merger positions First Citizens as a top 20 U.S. financial institution with over $100 billion in assets, enhancing its retail and commercial offerings. The integration aims to leverage the strengths of both organizations, with CIT clients benefiting from First Citizens’ stability and expanded services. Key appointments include Ellen R. Alemany as vice chairwoman, ensuring experienced leadership during this transition.

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) have received the necessary regulatory approvals to merge, following clearance from the Federal Reserve Board, FDIC, and the North Carolina Commissioner of Banks. The merger is expected to close in early January 2022, creating a top 20 bank in the U.S. The combined entity aims to leverage the strengths of both banks for enhanced service offerings. Customers will experience no immediate changes to their accounts, and future changes will be communicated in advance.

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced their merger has received regulatory approval from the Federal Reserve. This follows earlier approvals from the FDIC and North Carolina's banking commissioner. The merger is expected to complete in early January 2022, creating a top 20 U.S. bank based on assets. The integration aims to leverage First Citizens' retail banking and CIT's commercial lending strengths, promising enhanced services for customers and potential market expansion.

First Citizens Bank is launching a donation initiative for Teen Cancer America (TCA) to support young adults facing cancer. From now until December 31, 2021, customers can contribute through various means, including via their First Citizens Visa Rewards Credit Card. TCA aims to improve oncology care for teens by developing specialized facilities and programs. The bank has supported TCA since 2015, contributing over $3 million to enhance treatment outcomes in five hospitals in the Southeast. This partnership seeks to transform cancer care for adolescents and young adults.

Marco Maiurano has been appointed as the Chief Information Security Officer at First Citizens Bank, effective immediately. He brings over 20 years of experience in security strategy and operations, previously serving at Barclays and AIG. Chief Risk Officer Lorie Rupp noted that Maiurano's expertise will enhance the bank's information security team as it aims to fortify data protection amid growing cyber threats. First Citizens Bank currently operates 500 branches across 19 states, with assets totaling $56.9 billion as of September 30, 2021.

First Citizens BancShares declared a quarterly dividend of 47 cents per share for Class A and Class B common stock, payable on November 30, 2021, to shareholders of record by November 10, 2021.

The Board also approved a regular quarterly dividend for the 5.375% non-cumulative perpetual preferred stock, Series A, to be distributed on December 15, 2021, to holders of record as of November 30, 2021.

As of now, there are 345,000 outstanding shares of Series A preferred stock.

First Citizens BancShares (Nasdaq: FCNCA) reported Q3 2021 net income of $124.1 million, a 13% decrease from $142.7 million in Q3 2020. Net income per share fell to $12.17 from $14.03. Key metrics include a net interest margin of 2.61%, down 45 basis points year-over-year, and a return on average assets of 0.88%, down from 1.18%. Total loans decreased by 1.1%, while deposits increased by 20.4% to $50.1 billion. The company announced a merger with CIT Group Inc., with regulatory approval pending.