First Ctzns Bancshares Inc N C - FCNCA STOCK NEWS

First Citizens BancShares, Inc. (NASDAQ: FCNCA) has announced the date for its 2024 third quarter earnings call. The company will report its financial results for the quarter ended September 30, 2024, before the U.S. financial markets open on Thursday, October 24, 2024. A conference call and webcast to discuss BancShares' financial results will be held at 9 a.m. Eastern time on the same day. This event will provide an opportunity for investors and analysts to gain insights into the company's performance and financial standing for the third quarter of 2024.

First Citizens Bank has announced that its business and consumer banking customers can now receive instant deposits via the RTP® network. This new capability allows customers to receive payments in seconds, available 24/7, outperforming traditional methods like ACH and wire transfers. The service is free for consumer banking customers and initially free for business clients.

Key benefits include:

• Instant access to funds
• 24-hour availability
• Ability to include transaction details in electronic messages
• Improved cash flow for businesses
• Potential for businesses to offer discounts for instant payments

First Citizens plans to add the ability to send instant payments via the RTP network by next year.

First Citizens Bank has announced its role as co-lead arranger on a $300 million senior secured credit facility for Swift Current Energy, a leading North American clean energy platform. This financing will provide flexible growth capital for Swift Current's ambitious plans to develop 10 GW of wind, solar, and energy storage projects, with a goal to own and operate 1 GW by year-end.

Swift Current's CEO, Eric Lammers, highlighted the company's contribution to grid stability and reliability while delivering competitive clean energy. Mike Lorusso, head of First Citizens' Energy Finance business, praised Swift Current's track record in renewable power project development. The Energy Finance unit of First Citizens Bank offers comprehensive financing solutions for both renewable and conventional power generation, managing a diverse portfolio across all energy sector asset classes.

First Citizens Bank's Healthcare Finance division has arranged $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company with investments in over 24 states. The facilities represent more than 1,500 licensed beds, offering care to individuals needing rehabilitation or 24-hour medical attention.

William Douglas, head of First Citizens Healthcare Finance, emphasized the importance of skilled nursing facilities in post-acute care. The bank's Healthcare Finance team leverages its sector knowledge to provide comprehensive financing and banking solutions to middle market healthcare companies across the U.S.

Deutsche Bank and First Citizens Bank have successfully closed a $315.7 million financing for four battery energy storage systems in Texas. The projects, owned by a UBS Asset Management fund, will collectively provide 730 MW / 1,049 MWh of capacity and are expected to be operational later this year. Deutsche Bank Trust Company Americas served as Administrative Agent, with SocGen and Siemens joining as Joint Lead Arrangers. BankUnited, Mitsubishi HC Capital, and Bayern LB completed the syndicate.

The financing highlights the growing importance of battery storage systems in supporting grid stability and maximizing renewable energy value. This transaction adds to Deutsche Bank's track record in supporting renewable project developers and demonstrates First Citizens Energy Finance's expertise in the energy sector.

First Citizens Bank has arranged $145 million in financing for Linea Energy , a renewable energy developer and independent power producer. The financing package includes a revolving credit facility, a letter of credit, and a term loan to support Linea's diversified project pipeline across the United States. Linea Energy, established in 2002 and based in San Francisco, is a portfolio company of EnCap Investments L.P.

The deal demonstrates First Citizens Bank's commitment to providing tailored financing solutions for renewable energy developers. Mike Lorusso, head of First Citizens Bank's Energy Finance business, highlighted the innovative nature of the credit facility, which combines features of both corporate and project finance.

First Citizens Bank has upsized the credit facility for SG Credit Partners' asset-based lending verticals, SG Consumer Products and SG Commercial Finance. This increase supports SG Credit's recent addition of its Commercial Finance division and broader growth strategy. SG Credit Partners, a family-office backed lender, operates three verticals: Software + Technology, Consumer Products, and Commercial Finance.

The First Citizens Asset-Based Lending team has a long-standing relationship with SG Credit. Ryan Woody, COO at SG Consumer Products, praised First Citizens ABL for their expertise and agility in arranging additional financing. Chris Esposito, managing director at First Citizens Asset-Based Lending, expressed satisfaction in supporting SG Credit's growth trajectory.

First Citizens Bank announced that CIT Northbridge Credit has provided a $45 million revolving credit facility to MacPherson's, North America's largest creative materials distributor. MacPherson's distributes over 50,000 products from 200+ brands to retailers worldwide, with headquarters in Suwanee, Georgia and warehouses in Suwanee and Reno, Nevada.

Dave Schofield, CEO of MacPherson's, expressed appreciation for CIT Northbridge Credit's expertise and agility in creating a financial package to support their growth objectives. Neal Legan, who leads the team advising CIT Northbridge Credit, highlighted MacPherson's reputation in the industry for their expansive offerings and exclusive brands.

CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, provides flexible asset-based debt solutions to middle-market companies, offering revolving and term loan commitments from $15 million to $150 million.

Silicon Valley Bank's 2024 Mid-Year Healthcare Investments and Exits Report reveals a strong year for biopharma and steady rise in VC investment across the healthcare sector. Key findings include:

- 89% of US VC funds at or above $25M hit their fundraising targets
- 55 biopharma companies secured deals of $100M or more
- VC fundraising established a new baseline of just under $20B raised per year
- Over 25% of US healthcare companies closing VC deals of $15M+ reported flat or down rounds
- H1 2024 was the largest half for Series A biopharma investing since H1 2021
- Investment in rare disease companies is improving but still behind pre-pandemic levels

The report suggests 2024 could finish strong, with potential momentum from mega deals, AI leveraging, and public market performance in the healthcare sector.