RALEIGH, N.C. - First Citizens Bank announced today the appointment of Michelle Draper as its new Chief Marketing Officer (CMO). Draper, who brings over 30 years of experience in the financial industry, previously held the position of Chief Marketing and Sales Strategy Officer at Silicon Valley Bank (SVB), a division of First Citizens Bank.
In her new role, Draper will lead a nationwide marketing organization focused on enhancing the company's customer-centric vision. Her responsibilities will include developing solutions, experiences, and capabilities that align with customer needs. Draper's career includes a significant tenure at SVB, where she played a pivotal role in growing the company's market share and brand leadership, as well as enhancing client and stakeholder loyalty.
During her time at SVB from 2013 to 2023, Draper led initiatives that bolstered the bank's mission to support the success of its clients, particularly in the global innovation economy. She established teams dedicated to strategy alignment, experience design, and customer insights, thereby strengthening SVB's client experience.
Jeff Ward, Chief Strategy Officer at First Citizens, praised Draper's long-standing commitment to financial services and her contributions to SVB's success, particularly in global marketing and strategy. Ward expressed confidence that Draper's customer-focused approach will help drive First Citizens towards its long-term objectives and enhance its brand and reputation.
First Citizens Bank, with a history of over 125 years, has recently expanded through the acquisitions of SVB in 2023 and CIT in 2022. The bank continues to emphasize its legacy of strength, stability, and long-term thinking. Draper's vision for her role includes bolstering First Citizens' reputation for client centricity and serving clients through various stages of their personal and business endeavors.
Prior to her role at SVB, Draper spent nearly two decades at Charles Schwab (NYSE:SCHW), where she was part of the senior management team and was responsible for a wide array of marketing functions.
First Citizens Bank, headquartered in Raleigh, offers a range of banking services for personal, business, commercial, and wealth clients across its network of more than 500 branches in 30 states. The parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a Fortune 500 company with assets exceeding $200 billion.
This news is based on a press release statement from First Citizens Bank.
In other recent news, First Citizens BancShares announced robust financial results for the second quarter of 2024, including a net income of $707 million and adjusted net income of $755 million. The company also highlighted a significant $3.5 billion share repurchase plan, which Keefe, Bruyette & Woods analysts noted equates to 13% of its outstanding shares. The bank's net interest income modestly increased to $1.82 billion, and noninterest income saw a small rise to $639 million.
Among recent developments, Jefferies initiated coverage on the bank's stock with a Buy rating, while DA Davidson revised its price target for the bank to $1,850, and Keefe, Bruyette & Woods increased the bank's stock target to $2,300. However, Piper Sandler downgraded the bank from Overweight to Neutral.
Keefe, Bruyette & Woods expressed optimism about the potential for another buyback program in the second half of 2025 and increased its earnings estimates for First Citizens BancShares for the years 2024 and 2025 by 5% and 3%, respectively. Despite these positive trends, the company anticipates a competitive decline in technology and healthcare banking sectors.
First Citizens BancShares also plans to achieve a CET-1 ratio of 10.5% by the end of 2025, signaling confidence in the firm's financial health. The bank's recent announcements reflect its strategic focus on growth and risk management.
InvestingPro Insights
First Citizens BancShares, Inc. (NASDAQ: FCNCA) has demonstrated strong financial performance and market positioning, which aligns with its strategic moves such as appointing Michelle Draper as CMO. According to InvestingPro data, the company boasts a market capitalization of $29.36 billion, reflecting its significant presence in the banking sector.
The bank's financial health is further underscored by its impressive revenue growth of 80.28% over the last twelve months, reaching $9.436 billion. This substantial growth likely stems from its recent acquisitions, including SVB and CIT, as mentioned in the article. The company's operating income margin stands at a robust 46.24%, indicating efficient operations and strong profitability.
InvestingPro Tips highlight that First Citizens has maintained dividend payments for 39 consecutive years, showcasing its commitment to shareholder returns. This long-standing dividend history aligns with the bank's emphasis on stability and long-term thinking mentioned in the article. Additionally, the company has seen a large price uptick over the last six months, with a total return of 32.09%, suggesting positive market sentiment towards its recent strategic moves and financial performance.
It's worth noting that InvestingPro offers 10 additional tips for FCNCA, providing investors with a more comprehensive analysis of the company's prospects and challenges. These insights could be particularly valuable given the bank's recent expansion and leadership changes.
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