First Citizens BancShares Inc - FCNCA STOCK NEWS

First Citizens BancShares reported strong financial results for Q3 2020, achieving a net income of $142.7 million, a 14.3% increase from Q3 2019. The net income per share rose to $14.03. Total net interest income reached $353.7 million, up 5.1%, while the net interest margin decreased to 3.06%. Total loans grew 18.3% to $32.85 billion, and deposits increased 30.3% to $42.25 billion. The bank completed a merger agreement with CIT Group, expected to finalize in H1 2021.

The merger between First Citizens BancShares and CIT Group creates the 19th largest bank in the U.S., with over $100 billion in assets and a target of +50% earnings per share accretion. The merger combines First Citizens' low-cost retail deposit franchise and CIT's national commercial lending expertise, enhancing growth and profitability. Shareholders can expect approximately 61% ownership for First Citizens and 39% for CIT. The merger aims for a strong capital position and improved customer service through technology investments, with closing anticipated in H1 2021.

First Citizens BancShares and CIT Group have announced a definitive all-stock merger of equals, creating the 19th largest bank in the U.S. This transformative partnership combines First Citizens' low-cost deposit franchise with CIT's national commercial lending expertise, enhancing stockholder value. CIT shareholders will receive 0.0620 shares of First Citizens common stock per CIT share. The merger is expected to deliver over 50% EPS accretion and 30% tangible book value accretion. The combined company will operate under the First Citizens name and be headquartered in Raleigh, N.C.

First Citizens BancShares will release its third quarter 2020 financial results after the U.S. markets close on Oct. 27, 2020. A conference call will follow on Oct. 28, 2020, at 9 a.m. ET to discuss the results. Interested parties can access the call by dialing 833-519-1268 (domestic) or 914-800-3840 (international), using conference ID 9790564. Participants can view the earnings presentation and news release on the company’s website.

First Citizens Bank has successfully completed the conversion of its Entegra Bank division's operations and systems as of August 17, 2020. This integration aligns Entegra customer accounts with First Citizens' offerings, allowing them access to a broader range of financial products and services. The rebranding is effective at 11 former Entegra branches across Western North Carolina, Upstate South Carolina, and North Georgia. With over 560 offices in 19 states, First Citizens aims to enhance relationships with Entegra customers while providing the expected high-level service.

First Citizens BancShares will report its second quarter 2020 financial results after U.S. markets close on July 28, 2020. A conference call to discuss the results is scheduled for July 29, 2020, at 9 a.m. Eastern Time. Interested parties can access the call by dialing 833-519-1268 domestically or 914-800-3840 internationally, using conference ID 9797043. The earnings presentation will be available on the company’s website. A replay of the call will be available until August 6, 2020.

First Citizens Bank announced that it has secured $3.2 billion in loans for nearly 23,000 businesses through the SBA’s Paycheck Protection Program. This initiative, part of the CARES Act, aims to provide emergency relief to small businesses affected by COVID-19. The funding supports companies with 500 or fewer employees to manage critical expenses, including payroll. With over 565 branches across 19 states, First Citizens Bank, a subsidiary of First Citizens BancShares (FCNCA), emphasizes its commitment to customer service and community support during challenging times.

First Citizens BancShares reported significant financial impacts from the COVID-19 pandemic in its first quarter of 2020. The bank's net income fell to $57.2 million, a 48.7% year-over-year decline, while earnings per share dropped to $5.46 from $9.67. A significant factor was a $51.4 million decline in the fair value of equity securities and an additional $21.5 million reserve for potential COVID-19 impacts. Despite this, net interest income rose by 5.6% to $338.4 million, driven primarily by loan growth. The bank's total loans increased to $29.24 billion, and total deposits grew to $35.35 billion, indicating strong liquidity with a capital ratio of 13.7%.