The share price of First Citizens Bank has soared this week following news that it would buy much of the failed Silicon Valley Bank (SVB) in the wake of its collapse.
The bank, one of the nation’s largest regional financial institutions, saw its shares reach a record high on March 28, rising by as much as 7.2 percent and briefly hitting an all-time peak of $959.99, before paring gains.
As of March 29, shares are up more than 20 percent, extending gains for a third day.
The Raleigh, North Carolina-based bank announced Monday that it is buying the loans and deposits of failed SVB after entering into a purchase and assumption agreement….