Financial Times

How family-controlled First Citizens became a top-20 US bank

Family-controlled First Citizens Bank has acquired Silicon Valley Bank for a $16bn discount, making it the 16th-largest bank in the US with a balance sheet of $219bn. The bank plans to expand in the technology and venture space where SVB had been dominant.

First Citizens Bank acquires Silicon Valley Bank for $16bn discount.
The acquisition will more than double First Citizens' balance sheet to $219bn.
First Citizens has grown rapidly by acquiring distressed rivals.
The bank plans to expand in the technology and venture space.
The Holding family controls First Citizens and owns about $2bn of stock.

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