Business
First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
Acquisition affirms First Citizens' commitment to support Silicon Valley Bank depositors and borrowers Transaction is structured to preserve First Citizens'
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"Acquisition affirms First Citizens' commitment to support Silicon Valley Bank depositors and borrowers\nTransaction is structured to preserve First Citizens' solid financial positionCombined company remains resilient and secure with diverse loan portfolio and deposit baseCombination builds on First Citizens' significant expertise and renowned franchises to meet the needs of a broader customer baseAllows First Citizens to build on its experience with innovation hubs by leveraging Silicon Valley Bank's strength in serving the private equity, venture capital and technology sectorsTransaction brings together complementary strengths of both banks' middle market commercial banking and private banking capabilities and leverages common platforms, vendor partners and technologiesPrudent risk management approach will continue to protect customers and stockholders through all economic cycles and market conditionsRALEIGH, N.C., March 27, 2023 /PRNewswire/ -- First-Citizens Bank & Trust Company (\"First Citizens Bank\"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. (\"First Citizens\") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. The transaction is structured as a whole bank purchase with loss share coverage. First Citizens was selected to complete this transaction through a competitive bidding process.\n\n \n \n \n \n \n \n\n \nFrank B. Holding, Jr., chairman and CEO of First Citizens, said: \"First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years. We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again. We look forward to building relationships with our new customers and positioning our company for continued success as we affirm our commitment to support the integrity of our nation's banking system.\"\nAs part of the agreement, First Citizens Bank will assume Silicon Valley Bridge Bank, N.A. assets of $110 billion, deposits of $56 billion and loans of ...