First Citizens' Acquisition of SVB Raises Questions About Future Moves in Financial Sector

First Citizens Bank, run by the Holding family, known for buying failed banks, has acquired the assets of SVB at a deep discount negotiated in part by the family. First Citizens has purchased more than 20 small banks since 2008, with assistance from the FDIC. The Holding family collectively owns about 20% of the stock in the Raleigh-based company and has nearly 50% of the voting power. With the SVB deal, First Citizens is moving into the ranks of the largest 20 banks in the US, with $219 billion in assets.