First Citizens BancShares Inc - FCNCA STOCK NEWS

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.

First Citizens BancShares will release its first-quarter financial results on April 28, 2021, before U.S. market open. A conference call will follow on the same day at 9 a.m. Eastern Time to discuss the results. Participants can dial in using the provided numbers, with a conference ID of 8784208. The earnings presentation will be accessible on their investor relations website. First Citizens BancShares serves individuals and businesses through over 500 branches in 19 states and offers digital banking services.

First Citizens Bank has appointed Patrick Nolan as the new director of Investment Strategy. Nolan will oversee the bank's investment offerings, including portfolio construction and asset allocation. With nearly 25 years of experience, he previously worked at BlackRock and has authored significant research in investment strategy. Reporting to Chief Investment Officer Brent Ciliano, Nolan's role aims to enhance the bank’s investment strategies. First Citizens Bank, founded in 1898, is among the largest family-controlled banks in the U.S.