PR Newswire
Financing provided by SVB's Enterprise Software Group
NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided $35 million in debt financing to Squire Technologies Inc., a leading full-scale management and point of sale (POS) system that helps barbershop owners scale their businesses and increase clientele while also reducing the amount of time spent in back-office operations.
Financing provided by SVB's Enterprise Software Group
SAN FRANCISCO, Oct. 31, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided a $50 million growth capital facility to Bugcrowd, a leading provider of crowdsourced cybersecurity solutions. Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across all applications, systems, and infrastructure.
NEW YORK, Oct. 29, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business is introducing a new tax equity investment product to help finance renewable energy projects.
Tax equity products enable qualified investors to reap the benefits of various tax incentives aimed at promoting the development of renewable energy. As an industry leader in renewable energy financing, First Citizens Energy Finance is well positioned to expand its product capabilities, which will now include tax equity investments.
RALEIGH, N.C., Oct. 28, 2024 /PRNewswire/ -- First Citizens Wealth, the wealth management division of First Citizens Bank, today published new results from its "Beyond Wealth" study that offer fresh insights about affluent business owners. Key findings include:
A bare majority (52%) of affluent business owners say they know exactly how much their business is worth. And a large share of those (44%) aren't confident in that assessment.Less than half of affluent business owners (47%) say they have a plan for exiting their business, while only a third (33%) feel very prepared to exit. One in five (20%) affluent business owners plan to leave their business in the next five years, with one third (37%) planning to retain ownership for at least another decade.
RALEIGH, N.C., Oct. 24, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA) reported earnings for the third quarter of 2024.
Chairman and CEO Frank B. Holding, Jr. said: "We posted another quarter of strong financial results, largely in line with our expectations. Loan growth remained resilient in both the General Bank and Commercial Bank segments, while loans in the SVB Commercial segment declined as Global Fund Banking repayment levels outpaced draw activity. We experienced another quarter of deposit growth, mostly concentrated in our Branch Network, with modest deposit growth in SVB Commercial. The stability of the SVB deposit franchise continues to demonstrate the competitive advantage we maintain in the innovation economy. Credit remained stable and our capital and liquidity positions remained strong. During the third quarter, we repurchased more than 350,000 shares of our Class A common shares for $700 million under the repurchase plan announced in July.
RALEIGH, N.C., Oct. 24, 2024 /PRNewswire/ -- The Board of Directors of First Citizens BancShares, Inc. (Nasdaq: FCNCA) has declared the following dividends on the company's common and preferred stock, in each case to be paid on Dec. 16, 2024, to holders of record as of Nov. 29, 2024:
A quarterly common stock dividend of $1.95 per share on the company's Class A and Class B common stock – which is an increase from the previous quarter's common stock dividend of $1.64 per share. A regular quarterly dividend of $13.4375 per share on the company's 5.375% non-cumulative perpetual preferred stock, Series A, resulting in a distribution of $0.335938 per depositary share. A dividend of $23.205632 per share on the company's fixed-to-floating rate, non-cumulative perpetual preferred stock, Series B. A regular quarterly dividend of $0.351563 per share on the company's 5.625% non-cumulative perpetual preferred stock, Series C.
2024 report highlights Fintech founders diligently improving bottom line in 2024 despite investments dropping 91% since peak in 2021
SAN FRANCISCO, Oct. 23, 2024 /PRNewswire/ -- While fintech companies face significant headwinds – from high interest rates to increasing regulatory oversight – they are also finding opportunity in 2024, according to the latest Future of Fintech Report from Silicon Valley Bank (SVB), a division of First Citizens Bank. Venture capital (VC) investment remains muted, hovering near a six-year low for the sector, as deal flow has shifted toward the early stage, with more than three seed deals for every one series A. Artificial intelligence (AI) is also emerging as a bright spot for the industry as investors and founders explore its growing role in the sector.
Michelle Draper, former Silicon Valley Bank CMO and 30-year financial industry veteran, to lead marketing and client experience
RALEIGH, N.C., Oct. 17, 2024 /PRNewswire/ -- First Citizens Bank today announced the appointment of Michelle Draper to Chief Marketing Officer (CMO). Most recently, Draper served as Chief Marketing and Sales Strategy Officer of Silicon Valley Bank (SVB), a division of First Citizens Bank.
Healthtech Investments Surpass Pre-Pandemic Levels, Stabilizing Between $3.5B and $4.5B Per Quarter in 2024
SAN FRANCISCO, Oct. 16, 2024 /PRNewswire/ -- The healthtech sector is experiencing a recalibration in valuations, as the industry is showing signs of early recovery with investments stabilizing and artificial intelligence (AI) driving new growth, according to the 2024 Future of Healthtech Report from Silicon Valley Bank (SVB), a division of First Citizens Bank. Despite ongoing market volatility and macroeconomic uncertainty, healthtech investment in 2024 is on a positive trajectory, hovering between $4.0 billion and $4.5 billion per quarter and surpassing pre-pandemic levels.
RALEIGH, N.C., Oct. 2, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) today announced that it 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 will be held to discuss BancShares' financial results at 9 a.m. Eastern time on the same day. The conference call and webcast may contain forward-looking statements and other material information.
RALEIGH, N.C., Sept. 10, 2024 /PRNewswire/ -- First Citizens Bank today announced that its business and consumer banking customers can now instantly receive secure payments in their savings and checking accounts via a national instant payments network called the RTP® network.
By joining the RTP network, First Citizens is enabling its customers to receive payments in just seconds – far quicker than alternative electronic payment channels such as ACH and wire transfers. This instant payment capability is available to First Citizens customers around-the-clock, seven days a week.
NEW YORK, Sept. 9, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business served as co-lead arranger on a $300 million senior secured credit facility for Swift Current Energy, a leading North American clean energy platform.
The financing will provide flexible growth capital as Swift Current pursues development of 10 GW gigawatts of wind, solar and energy storage projects in its pipeline, with plans to own and operate 1 GW by the end of year.
NEW YORK, Sept. 5, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business served as lead arranger of $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 that invests in a variety of post-acute facilities, with investments in over 24 states.
NEW YORK, Sept. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business served as lead arranger on $145 million in financing on behalf of Linea Energy LLC for the development of advanced renewable energy projects across the U.S.
Established in 2002 and headquartered in San Francisco, California, Linea Energy is a renewables platform and independent power producer focused on the development, ownership, and operation of clean energy infrastructure. It is a portfolio company of EnCap Investments L.P.
NEW YORK, Sept. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business served as lead arranger in upsizing the credit facility for SG Credit Partners' asset-based lending verticals comprised of SG Consumer Products and SG Commercial Finance, which focus on sponsor-backed CPG companies and the general lower middle market, respectively.
The upsize increases the credit facility to support SG Credit's recent addition of its Commercial Finance division as part of its broader growth strategy of focusing on new lending verticals. SG Credit Partners is a family-office backed lender with a broad credit platform consisting of three verticals: Software + Technology, Consumer Products and Commercial Finance.
NEW YORK, June 26, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Commercial Real Estate business provided $52 million in financing to a joint venture between Wheelock Street Capital and Foundry Commercial for the construction of Egret Point Logistics Center in Boynton Beach, Florida.
Located at 3800 S Congress Ave., Egret Point Logistics Center will consist of two Class-A rear-load industrial buildings aggregating 457,110 SF, featuring 32-feet clear height ceilings,104 dock doors, four drive-in doors, and 539 traditional parking spaces. The site is located roughly 3 miles from the I-95 north and south access points.
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