First Citizens BancShares Inc - FCNCA STOCK NEWS

On February 9, 2021, First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) announced that both companies received shareholder approvals for their proposed merger. The merger, expected to finalize in Q2 2021 pending regulatory approvals, will result in the formation of the 20th largest bank in the U.S. based on assets. The leadership emphasized that the merger will leverage their unique strengths and create opportunities for stakeholders, including stockholders and customers.

First Citizens BancShares and CIT Group have received stockholder approval for their merger, paving the way for the completion of the transaction in Q2 2021. This merger will create the 20th largest bank in the U.S. based on assets. Both companies are optimistic about leveraging their unique attributes to provide benefits for stakeholders, including shareholders and customers. The merger is contingent upon regulatory approvals and customary closing conditions.

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share on its Class A and Class B common stock, payable on April 5, 2021, with a record date of March 15, 2021. Additionally, a dividend on the 5.375% non-cumulative perpetual preferred stock, Series A, is set for March 15, 2021, for holders of record by February 28, 2021. As of December 31, 2020, the company had total assets of $49.96 billion.

First Citizens BancShares reported strong Q4 2020 earnings, with net income of $138.1 million, up 35.5% from Q4 2019. Net income per share increased to $13.59. The net interest margin declined to 3.02%, down 57 basis points year-over-year, with total net interest income at $358.7 million, a 9.7% increase. Total loans grew to $32.79 billion, and deposits increased by 26.1% to $43.43 billion. Despite a slight rise in provision for credit losses due to COVID-19 concerns, credit quality remained stable.

First Citizens BancShares, Inc. will report its fourth quarter and full-year financial results on January 26, 2021, after market close. A conference call to discuss these results is scheduled for January 27, 2021, at 9 a.m. ET. Investors can access the call via domestic number 833-654-8257 or international 602-585-9869, using conference ID 7488743. Earnings presentation and news will be available on the company’s website.

First Citizens Bank has appointed David Biliter as the president of its registered broker-dealer, First Citizens Investor Services, Inc. (FCIS). With over 30 years in the industry, he will oversee management, technology, and client experience for FCIS, which manages $10.1 billion in assets and employs about 176 associates, including 72 registered advisors. Biliter previously held key positions at Arvest Wealth Management and other firms. His expertise is expected to enhance FCIS's service capabilities, benefiting clients across the bank's extensive branch network.

First Citizens Bank released its sixth annual Small Business Forecast, highlighting optimism among small business owners about the economy despite challenges from the pandemic. 66% of respondents remain optimistic about long-term economic prospects, similar to pre-pandemic levels. However, confidence in near-term conditions has declined to 57% from 66% in 2019. The report also notes that 67% of businesses were negatively impacted by COVID-19, but 69% are confident in growth for 2021, with 44% planning to hire more employees. The survey reflects varying confidence levels by state.

First Citizens Bank is encouraging donations to Teen Cancer America (TCA) this holiday season through December 31, 2020. TCA aims to improve cancer care for teens and young adults, who often lack specialized treatment facilities. The bank has already contributed over $3 million towards TCA's initiatives since 2015. Donations will help establish specialized programs and create supportive environments in hospitals across the Southeast. The program addresses a significant gap in oncology care for the 13-24 age group, enhancing their overall hospital experience.

First Citizens Bank has successfully completed the conversion of Gwinnett Community Bank in Duluth, GA, as of November 9, 2020. This transition aligns Gwinnett customer accounts with First Citizens products, enhancing access to a broader range of financial services. Three branches formerly under Gwinnett's name have been rebranded to First Citizens locations. Chairman and CEO Frank B. Holding Jr. expressed confidence in providing exceptional service to the new clients while reinforcing their commitment to growth in Georgia. First Citizens Bank is a leading family-controlled bank in the U.S., with approximately $48.67 billion in assets.