NEW YORK, July 17, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided $24 million to finance the acquisition of a post-acute medical rehabilitation hospital in Tulsa, Oklahoma. "We are pleased with First Citizens Healthcare Finance group's ability to arrange a solid financial package as we continue to grow our business," said Rance Sanders, President and CEO. "We highly value our First Citizens banking relationship and appreciate their efficient process an ...

RALEIGH, N.C., July 2, 2024 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) today announced that it will report its financial results for the quarter ended June 30, 2024, before the U.S. financial markets open on Thursday, July 25, 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. To pre-register ...

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. Wheelock Street Capital LLC is a private real estate investment firm based in Greenwich, CT and was founded by Merrick R. Kleeman and Johnathan H. Paul. Wheelock consists of a premier investment and asset ma ...

Core Insights - The study conducted by First Citizens Wealth reveals affluent Americans' attitudes towards money management, retirement, estate planning, and wealth transfer [1][7][12] Wealth Management and Planning - Affluent Americans generally feel they manage their money well, with 66% believing they do better than others [12][13] - However, there is a significant gap in preparedness for wealth transfer, with only 50% having a written plan in place despite 94% intending to pass down wealth [7][12] - The average expected amount needed for retirement is $3 million, while for passing down wealth, it is $5.5 million [14][12] Financial Advisor Engagement - Most affluent individuals start working with a financial advisor in their late thirties, with Millennials starting at an average age of 29 [3] - 89% of affluent Americans credit their financial advisors for helping them generate more wealth, with additional benefits including feeling more prepared for the future (66%) and reducing stress (58%) [8][12] Estate Planning Insights - The study emphasizes the importance of early estate planning, with many affluent Americans lacking a will (only two-thirds) and an estate plan (40%) [7][12] - The primary concern for affluent Americans regarding retirement is maintaining their lifestyle, which 44% identified as their main focus [14]

Cranberry Point is a 150 MW / 300 MWh battery energy storage project developed by Plus Power with a targeted completion in the second quarter of 2025. Located on roughly 6 acres of land in Carver, Massachusetts, the project will interconnect near critical transmission infrastructure and represents the first major utility-scale standalone battery storage facility in construction on the New England grid. "The Cranberry Point Energy Storage facility is poised to improve grid stability and reliability while als ...

NEW YORK, June 13, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Healthcare Finance business provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma, Washington. "Demand for high-quality senior living facilities remains strong in the Pacific Northwest and nationwide," said William Douglass, head of First Citizens Healthcare Finance. "We were pleased to work closely with our clients on this transaction." "The Point Ruston pro ...

Core Insights - Venture capital investment in healthcare AI has significantly increased, with one in four healthcare investment dollars directed towards AI companies, indicating a strong trend in the sector [1][4] Investment Trends - AI healthcare companies have seen a surge in seed and series A pre-money valuations since 2022, outperforming those not utilizing AI [4] - In 2024, $2.8 billion has already been invested in AI healthcare companies, with projections of $11.1 billion in total VC capital for the year, the highest since 2021 [4] - Although the number of funds focused on healthcare and AI is expected to decrease from 101 in 2022 to 66 in 2024, the total funds raised will significantly increase from $9.7 billion in 2023 to $16.9 billion in 2024 [4] Key Themes in AI Healthcare - Administrative AI is a primary focus, with 60% of healthcare AI dollars allocated to administrative and clinical uses, as it faces fewer regulatory hurdles compared to clinical AI [3] - Companies that can integrate with existing healthcare infrastructure, such as EPIC for Electronic Health Records, are more likely to attract venture capital [3] - Startups must differentiate themselves from established players by clearly articulating their value proposition, leveraging their flexibility to work closely with healthcare providers [3] Challenges in AI Adoption - The high costs of developing generative AI and limited training resources for healthcare professionals may hinder the adoption of AI technologies [5] - Companies that can effectively access and utilize patient data, and partner with clinicians and big tech firms, are better positioned for successful AI deployment [5] Patient Diagnostics Landscape - AI-driven diagnostics account for 52% of total AI investment in clinical solutions, but challenges remain in accessing quality data and computing power for model training [6] - Diagnostic imaging investments have doubled since Q1 2021, with a notable focus on cardiovascular disease solutions [7]

NEW YORK, May 30, 2024 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, LLC, provided a $75 million revolving credit facility to Cisco Equipment Rentals, a Texas-based provider of equipment rentals, new and used equipment sales, parts and service. The revolver was used to refinance and consolidate multiple existing lending facilities supporting a growth- oriented business plan and in conjunction with a complex restr ...

RALEIGH, N.C., May 29, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $31.5 million in financing to national fashion retailer Jaclyn LLC for the purchase of a newly constructed industrial warehouse and distribution center in Southern California. The warehouse comprises more than 233,000 square feet and will serve as the new West Coast shipping and distribution center for Jaclyn and its affiliated companies of the Golden Touch Group, providers of mer ...

NEW YORK, May 28, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Commercial Real Estate business served as sole lender on a $74 million senior secured loan to Lonicera Partners on a 23-story, class A multifamily building in Downtown Brooklyn, New York. Located at 310 Livingston Street, the building features 160 luxury apartment units and over 8,600 square feet of ground floor retail and premier amenity space. "We're pleased to partner with First Citizens Commercial Real Estate on this fin ...