First Citizens BancShares Reports Second Quarter 2023 Earnings

About this update from First Citizens Bancshares, Inc.

[{"type":"text","content":"RALEIGH, N.C., Aug. 3, 2023 /PRNewswire/ -- First Citizens BancShares, Inc. (\"BancShares\") (Nasdaq: FCNCA) reported earnings for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nChairman and CEO Frank B. Holding, Jr. said: \"We are proud of our continued strong financial performance in the second quarter as we drove momentum in our legacy business lines and began to realize the long-term strategic and financial value of our combination with SVB. Our performance was supported by the progress we made integrating SVB and our continuing efforts to provide stability and continuity for our clients and associates. We also continue to build on the strengths of our combined team, including leveraging SVB's deep innovation economy expertise and maintaining their unique approach to serving clients. As we navigate an uncertain macroeconomic environment, we remain focused on maintaining strong capital and liquidity positions as well as delivering long-term stockholder value.\"\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.\nThe Acquisition included total assets with estimated fair values of approximately $107.26 billion and total loans with estimated fair values of approximately $68.46 billion, including Global Fund Banking, Private Bank and the Technology & Life Science and Healthcare loan portfolios, and $35.31 billion in cash and interest-earning deposits at banks. BancShares also assumed approximately $55.90 billion in customer deposits and entered into a five-year note payable to the FDIC (the \"Purchase Money Note\") of approximately $36.07 billion, bearing an interest rate of 3.50%. The deposits were acquired without a premium and the assets were acquired at a discount of $16.4...

More updates from First Citizens Bancshares, Inc.