First Citizens Bank Buying SVB—Here Are Other Failed Banks It ...
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Mar 28, 2023,03:48pm EDT|
First Citizens Bank announced it will be buying Silicon Valley Bank in a government-backed deal making First Citizens Bank one of the top 15 U.S. banks, according to Bloomberg.
An illustrative stock chart and First Citizens BancShares logo. March 20, 2023.
NurPhoto via Getty Images Key FactsFirst Citizens Bank is to purchase $72 billion dollars worth of assets from SVB at a deeply discounted price of $16.5 billion, while also handling $56 billion of the failed bank's deposits.
Before edging its way up to become one of the top 15 banks in the U.S., First Citizens was previously ranked as the 30th top operating bank in the country, according to the Federal Reserve.
First Citizens is no stranger to acquiring regional banks as the Raleigh-based bank has acquired more than 20 banks by merging or purchasing them after a collapse since the 2008 housing crisis.
SVB’s New Owners, The Billionaire North Carolina Family Behind First Citizens, Are Quietly Building A Banking Empire (Forbes)
Silicon Valley Bank Acquired By First Citizens After Failure (Forbes)
Senate Banking Hearing: Officials Blame Management At Failed Banks, Tout Regional Banks As Economic ‘Strength’ (Forbes)
SVB Shut Down By California Regulator After Bank Stocks Crash Amid Turmoil (Forbes)
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