First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

First Citizens BancShares announced it will release its financial results for Q3 2021 before the market opens on October 27, 2021. Following this, a conference call is scheduled for 9 a.m. Eastern time on the same day to discuss the results. Investors can access the earnings presentation and news release on the company’s website. The bank, which has over 500 branch offices across 19 states, provides a variety of financial services to individuals and businesses.

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) have extended their merger agreement from October 15, 2021, to March 1, 2022. The merger has received approval from the North Carolina Commissioner of Banks and the FDIC, with the Federal Reserve Board's approval pending. This merger will create a top 20 U.S. bank by assets, leveraging First Citizens' retail banking strength and CIT's commercial lending expertise. Both companies are focused on securing the necessary regulatory approval to finalize the transaction.

First Citizens BancShares and CIT Group have extended their merger agreement to March 1, 2022. The merger has received approval from North Carolina's Commissioner of Banks and the FDIC, with only the Federal Reserve Board's approval pending. Both companies have addressed all inquiries from the Federal Reserve's staff, who have indicated that the application is currently at the Governor level. Upon completion, the merger will create a top 20 bank in the U.S., leveraging First Citizens' retail banking strengths and CIT's commercial lending capabilities.

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.