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…
Buyer of Failed Silicon Valley Bank Reports $9.5 Billion Profit Following Acquisition
First Citizens Shares Soar After Announcing Deal to Buy Failed Silicon Valley Bank
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…
First Citizens Buys Failed Lender Silicon Valley Bank
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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