Tag: First Citizens Bank

Buyer of Failed Silicon Valley Bank Reports $9.5 Billion Profit Following Acquisition

May 11, 2023
Business & MarketsCompanieseconomyFirst Citizens BankSilicon Valley BankUS
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First Citizens Bank, which bought the failed lender Silicon Valley Bank (SVB) in March, has reported a profit of more than $9 billion due to the takeover. First Citizens made a preliminary gain of $9.82 billion on the acquisition, according to the bank’s May 10 earnings release (pdf) detailing its first-quarter performance. As a result…

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First Citizens Shares Soar After Announcing Deal to Buy Failed Silicon Valley Bank

March 29, 2023
Business & MarketsCompaniesFirst Citizens BankSharesSilicon Valley BankUSUS News
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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…

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First Citizens Buys Failed Lender Silicon Valley Bank

March 27, 2023
Business & MarketsCompanieseconomyFirst Citizens BankInvestmentMarketsSilicon Valley BankUSUS News
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A buyer has been found for failed lender Silicon Valley Bank (SVB), with 17 former branches opening under First Citizens Bank on Monday, the Federal Deposit Insurance Corporation (FDIC) has announced. The FDIC said in a statement Sunday that it has entered into an agreement with the Raleigh, North Carolina-based First Citizens Bank to purchase all…

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