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First Citizens Bank has appointed Patrick Nolan as the new director of Investment Strategy. Nolan will oversee the bank's investment offerings, including portfolio construction and asset allocation. With nearly 25 years of experience, he previously worked at BlackRock and has authored significant research in investment strategy. Reporting to Chief Investment Officer Brent Ciliano, Nolan's role aims to enhance the bank鈥檚 investment strategies. First Citizens Bank, founded in 1898, is among the largest family-controlled banks in the U.S.

First Citizens Bank has unveiled a new community benefits plan worth $16 billion aimed at supporting low- and moderate-income (LMI) communities over five years (2021-2025). This initiative follows the proposed merger with CIT Group, focusing on affordable housing, small business lending, and community development. Key allocations include $6.9 billion for community development initiatives, $5.9 billion for small business loans, and $3.2 billion for home mortgages targeting LMI and minority borrowers. The plan emerged from discussions with the National Community Reinvestment Coalition.

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鈥檚 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.