First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

Shan Teel, who has led First Citizens Bank's Eastern North Carolina Region since 2016, will take over as the Central North Carolina Region Executive following the retirement of Chris Young on June 1, 2021. Young has contributed significantly to the bank's growth and success over her 18-year tenure. Teel's leadership is expected to enhance the bank's presence in both regions, where First Citizens operates 170 branches across 44 counties. The bank has over $53 billion in assets, highlighting its strong market position.

Small business owners exhibit strong growth optimism with nearly 80% feeling confident about the year ahead, according to the First Citizens Bank Small Business Forecast. This marks a 9% increase since September 2020, returning to pre-pandemic levels. Despite 40% citing COVID-19 as a concern, confidence in economic conditions also rose, with 61% optimistic about the upcoming year. However, perceived business success decreased from 71% to 61%.

First Citizens BancShares reported a strong Q1 2021, with net income soaring to $147.3 million, a 157.7% increase from $57.2 million in Q1 2020. Net income per share rose to $14.53 from $5.46. The bank achieved a 1.16% return on average assets, up from 0.57%, and a 14.70% return on average equity, compared to 6.34%. Total loans grew by 4.8% and deposits surged 36.4%. Noninterest income also saw a substantial increase of 113.5%, reaching $136.6 million.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share for Class A and Class B common stock, payable on May 28, 2021, to shareholders of record on May 14, 2021.

Additionally, a quarterly dividend on the 5.375% non-cumulative perpetual preferred stock, Series A, will be paid on June 15, 2021, to holders of record as of May 31, 2021.

Currently, there are 345,000 shares outstanding for Series A preferred stock under a deposit agreement.