First Citizens BancShares Reports First Quarter 2023 Earnings

About this update from First Citizens Bancshares, Inc.

[{"type":"text","content":"RALEIGH, N.C., May 10, 2023 /PRNewswire/ -- First Citizens BancShares, Inc. (\"BancShares\") (Nasdaq: FCNCA) reported earnings for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nChairman and CEO Frank B. Holding, Jr. said: \"We are pleased with our solid financial performance in the first quarter, marked by continued momentum across all our lines of business. Since the completion of our acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. on March 27, 2023, we have made strides to integrate our two companies, including meaningful engagement with key Silicon Valley Bank leaders and clients. Building on the considerable strengths Silicon Valley Bank brings to the business, including exceptional talent and expertise, significant scale, geographic diversity, and meaningful solutions for customers, we are confident we will continue to deliver long-term value for our shareholders. In an environment of macroeconomic challenges and uncertainties, we continue to operate with solid capital and liquidity positions. We remain encouraged by the resiliency of our clients in the face of elevated inflation and rising interest rates and we look forward to continuing to support them.\"\nPURCHASE AND ASSUMPTION OF CERTAIN ASSETS AND LIABILITIES OF SILICON VALLEY BRIDGE BANK FROM THE FDIC\nOn March 27, 2023, BancShares announced that through its banking subsidiary, First-Citizens Bank & Trust Company, it assumed all customer deposits and certain other liabilities and acquired substantially all loans and certain other assets of Silicon Valley Bridge Bank, N.A. (the \"Acquisition\"), as successor to Silicon Valley Bank from the Federal Deposit Insurance Corporation (the \"FDIC\"). In connection with the Acquisition, BancShares identified a new business segment (the \"SVB segment\") which includes the assets, liabilities and results of operations related to the Acquisition.The Acquisition included total assets with estimated fair values of approximately $106.60 billion and total loans with estimated fair values of approximately $68.50 billion, including Global Fund Banking, Private Bank, and the Technology & Life Science and Healthcare loan portfolios and $35.28 billion in cash and interest-earning deposits at banks. BancShares also assumed approximately $55.96 billion in customer deposits and entered in...

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