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First Citizens Bancshares

All articles tagged with #first citizens bancshares

business2 years ago

First Citizens Bank lays off hundreds of Silicon Valley Bank employees.

First Citizens BancShares, which purchased the assets of Silicon Valley Bank in March, has laid off around 500 former SVB employees. The layoffs did not include any client-facing positions or any members of the company’s support team in India. Laid-off workers were told they would remain employees of the bank until June 9, with additional details about severance coming via email. The North Carolina-based financial institution has pledged to continue the bank’s legacy in supporting startups and the tech sector.

via The San Francisco Standard|
#business#first-citizens-bancshares#layoffs
banking2 years ago

First Citizens Bank acquires Silicon Valley Bank's assets in multi-billion dollar deal.

Community activists are urging First Citizens BancShares to uphold the $11.2 billion community benefits agreement made by Silicon Valley Bank (SVB) in 2021, which was set to run through December 2026. Following the implosion of SVB's banking unit, advocates are worried about the disruption and potential loss of the plan. Discussions between First Citizens and at least three community reinvestment groups began last week, and more detailed meetings could take place as early as this week. The fact that First Citizens is engaged in its own five-year community benefits plan is a good sign, but it remains to be seen whether the bank will uphold SVB's commitments.

via American Banker|
#banking#community-benefits-agreement#community-reinvestment
finance2 years ago

First Citizens Bank's acquisition of SVB assets leads financial winners by wide margin.

First Citizens BancShares led the financial winners for the week ended March 31, surging 67% after acquiring Silicon Valley Bank's deposits and loans. The Federal Reserve's balance sheet data also suggested that stress in the banking system is easing. Other top financial gainers included Nu Holdings, First Republic Bank, UBS Group, and Itaú Unibanco Holding.

via Seeking Alpha|
#federal-reserve#finance#first-citizens-bancshares
finance2 years ago

First Citizens' Acquisition of SVB Results in $500 Million Gain for FDIC

The Federal Deposit Insurance Corp. (FDIC) is set to receive a $500 million profit from First Citizens BancShares Inc.'s acquisition of Silicon Valley Bank. The FDIC exercised its equity-appreciation rights related to First Citizens, which surged 54% after the acquisition was sealed. The cash will help rebuild the FDIC's deposit insurance fund, which was depleted by the failure of SVB and Signature Bank. The FDIC also exercised its option to buy shares of New York Community Bancorp Inc. following its deal to sell billions of dollars of Signature Bank's deposits to NYCB.

via Yahoo Finance|
#acquisition#fdic#finance
finance2 years ago

First Citizens Bank's acquisition of SVB assets questioned by Jim Cramer and praised by Chris Whalen

CNBC's Jim Cramer said that the Federal Reserve will continue to raise interest rates as long as the mini-banking crisis persists, but if a larger bank fails, the end to rate hikes would arrive faster, along with "a lot more pain." First Citizens Bancshares' takeover of Silicon Valley Bank does not necessarily act as a solution for the bank run problem, and Cramer pointed out that the system is not ready for a wave of bank failures.

via CNBC|
#banking-crisis#federal-reserve#finance
finance2 years ago

First Citizens Bank's Acquisition of Silicon Valley Bank Assets Sparks Optimism in Stock Futures.

First Citizens Bancshares acquired Silicon Valley Bank's deposits and loans at a discount of $16.5 billion, with the FDIC agreeing to share any future losses or gains on those loans. The FDIC also provided a line of credit to First Citizens for "contingent liquidity purposes." The total hit to the FDIC's deposit insurance fund will be $20 billion. The deal making by regulators is the latest example of how much government intervention has been required to get the current banking crisis under control.

via Yahoo Finance|
#banking-crisis#fdic#finance
business2 years ago

First Citizens Bank acquires Silicon Valley Bank assets.

First Citizens BancShares bought large pieces of FDIC-controlled Silicon Valley Bank, causing Dow Jones futures to rise more than 200 points. First Republic Bank soared more than 25% on hopes of a resolving banking crisis. Microsoft shares are breaking out above a flat base's 276.86 buy point with a 1.05% gain Friday. The stock is in the 5% buy area that goes up to 290.70.

via Investor's Business Daily|
#business#dow-jones#first-citizens-bancshares
finance2 years ago

Multiple Banks Compete for Acquisition of Silicon Valley Bank

Valley National Bancorp has reportedly submitted a bid for Silicon Valley Bank after its collapse earlier this month, joining First Citizens BancShares as a competing bidder for SVB. The FDIC seized the lender and has been seeking to sell it for about two weeks, with a winner expected to be chosen in the sales process as early as this weekend. Silicon Valley Bank was shut down by the FDIC as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss, becoming the largest bank failure since the financial crisis.

via Fox Business|
#bank-failure#fdic#finance