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.
First 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.
Banks Acquired By First Citizens Bank Since 2009
- Temecula Valley Bank of Temecula, California: Acquired by First Citizens in July 2009.
- Venture Bank of Lacey, Washington: Acquired by First Citizens in September 2009.
- First Regional Bank of Los Angeles, California: Acquired by First Citizens in January 2010.
- Sun American Bank of Boca Raton, Florida: Acquired by First Citizens in March 2010.
- United Western Bank of Denver, Colorado: Acquired by First Citizens in January 2011.
- IronStone Bank: A merger between First Citizens and IronStone Bank took place in January 2011.
- Colorado Capital Bank of Castle Rock, Colorado: Acquired by First Citizens in July 2011.
- 1st Financial Corp: A merger between First Citizens and 1st Financial Corp, including its subsidiary Mountain 1st Bank, in January 2014.
- First Citizen Bank and Trust of South Carolina: A merger between First Citizens and First Citizen Bank and Trust, two separate entities, in 2014.
- Capitol City Bank of Atlanta, Georgia: Acquired by First Citizens in February 2015.
- North Milwaukee State Bank of Milwaukee, Wisconsin: Acquired by First Citizens in March 2016.
- First CornerStone Bank of King of Prussia, Pennsylvania: Acquired by First Citizens in May 2016.
- Cordia Bancorp Inc.: First Citizens merged with Cordia Bancorp, including its subsidiary Bank of Virginia, in September 2016.
- Harvest Community Bank: Acquired by First Citizens in January 2017.
- Guaranty Bank of Milwaukee, Wisconsin: Acquired by First Citizens in May 2017.
- Palmetto Heritage Bancshares of Pawley Islands, South Carolina: First Citizens merged with Palmetto Heritage Bancshares and its subsidiary, Palmetto Heritage Bank, in November 2018.
- Biscayne Bank of Coconut Grove: First Citizens merged with Biscayne Bank in April 2019.
- First South Bancorp of Spartanburg, South Carolina: Merged with First Citizens in May 2019.
- Entegra Financial Corp: Merged with First Citizens in January 2020.
- Community Financial Holding Company, Inc. and Gwinnett Community Bank: Both financial institutions merged with First Citizens in February 2020.
- CIT Group: Was acquired by First Citizens in January 2022, for $2.2 billion.
- Silicon Valley Bank: Was acquired by First Citizens following its collapse in March.
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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