First Citizens BancShares Inc - FCNCA STOCK NEWS

First Citizens Bank's Healthcare Finance business has provided $24 million to finance the acquisition of PAM Rehabilitation Hospital in Tulsa, Oklahoma. The Sanders Trust acquired the 53-bed, 60,932-square-foot freestanding inpatient rehabilitation facility. The hospital is leased to and operated by PAM Health, the third largest operator of long-term acute care hospitals and inpatient rehabilitation facilities in the U.S., with 63 facilities across 17 states.

Rance Sanders, President and CEO of The Sanders Trust, expressed satisfaction with First Citizens' financial package and banking relationship. The deal highlights First Citizens' expanding role in healthcare finance and its ability to provide tailored solutions for middle market healthcare companies.

First Citizens Bank announced that CIT Northbridge Credit has provided a $40 million revolving credit facility to B&W Fiber Glass Inc., a distributor and manufacturer of fiberglass and technical textile materials. Founded in 1998, B&W Fiber Glass is a family-owned business based in Shelby, North Carolina, serving various industries with products used in reinforced tapes, architectural applications, surfboards, aircraft, and circuit boards.

The company's operations are split between 60% distribution and 40% manufacturing. This financing will support B&W Fiber Glass's continued growth and strategic business objectives. CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, specializes in providing flexible asset-based debt solutions to middle-market companies, offering revolving and term loan commitments ranging from $15 million to $150 million.

First Citizens BancShares (NASDAQ: FCNCA) will announce its Q2 2024 financial results on July 25, 2024, before the U.S. markets open. A conference call and webcast to discuss the results will be held at 9 a.m. ET on the same day. Investors and analysts can join the discussion to gain insights into the company's quarterly performance and outlook.

First Citizens Bank has announced a $52 million financing deal with Wheelock Street Capital and Foundry Commercial for the construction of the Egret Point Logistics Center in Boynton Beach, Florida. This facility, situated at 3800 S Congress Ave., will feature two Class-A industrial buildings totaling 457,110 SF, with 32-foot ceilings, 104 dock doors, four drive-in doors, and 539 parking spaces. The site benefits from its strategic location, 3 miles from the I-95 access points. First Citizens Bank's Commercial Real Estate team facilitated this financing, showcasing their expertise in the sector. Founded 15 years ago, Wheelock Street Capital has managed $11 billion in investments, while Foundry Commercial oversees a $4.3 billion development and acquisitions pipeline.

First Citizens Bank has provided a senior secured loan of $22 million to Euroseas for financing a new 2,800 TEU Eco containership. Euroseas, established in 2005 and trading on Nasdaq under ESEA, operates 22 container vessels, including 15 Feeder and 7 Intermediate containerships, with a total cargo capacity of 66,261 TEU. This investment aims to meet the growing demand for cargo transport and demonstrates Euroseas' commitment to reducing its carbon footprint. First Citizens' Maritime Finance team facilitated the financing, highlighting their expertise and support for Euroseas' expansion and decarbonization goals.

First Citizens Bank announced that CIT Northbridge Credit has provided a $35 million revolving line of credit to Network Wireless Solutions (NWS), a key player in telecom infrastructure. This financing will support NWS's business operations and strategic initiatives. NWS, established in 2012 and headquartered in Greensboro, North Carolina, is known for its innovative cable solutions and hardware products across the U.S. and Canada. CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, specializes in asset-based debt solutions for middle-market companies, offering loan commitments ranging from $15 million to $150 million.

First Citizens Wealth, the wealth management division of First Citizens Bank, released a study on affluent Americans' money management and wealth transfer readiness. Key findings reveal that 66% believe they manage money better than others, but only 50% feel prepared to transfer wealth to heirs. Affluent Americans expect to need $5.5 million for retirement and wealth transfer. Financial advisors are credited by 89% for growing wealth and reducing financial stress. However, only two-thirds have a will, and even fewer have an estate plan. The study highlights the importance of early estate planning and financial advising.

First Citizens Bank announced that it served as the coordinating lead arranger for $133 million in financing for the Cranberry Point Energy Storage project in Carver, Massachusetts. The project, developed by Plus Power, is a 150 MW / 300 MWh battery energy storage facility slated for completion by Q2 2025. This marks the first major utility-scale standalone battery storage in New England. The facility aims to bolster grid stability and integrate clean power. First Citizens Bank's Energy Finance division brings extensive industry knowledge to the project, showcasing its capacity to handle diverse investments in the energy sector.

First Citizens Bank announced a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma, Washington. The borrower is a joint venture led by Harrison Street, which manages about $55 billion in assets and ranks among the top five largest owners in the senior housing sector in the U.S. The facility was originally developed by the same joint venture with PMB The refinancing was facilitated by First Citizens Healthcare Finance, known for its client-focused and industry-centric approach. The facility is managed by GenCare Lifestyle, another joint venture partner.