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The Latest Breaking News from First Citizens

First Citizens Bank to cut hundreds of former Silicon Valley Bank jobs

In a companywide email Wednesday morning, First Citizens Chairman and CEO Frank Holding Jr. said his Raleigh, North Carolina-based bank is laying off former employees of Silicon Valley Bank, the failed financial institution that First Citizens purchased two months ago.

Tribune News Service

With the collapse of SVB, venture debt is drying up

An important source of funding for startups is harder to come by, and while private loans are an alternative they’re much more expensive.

Fortune

FDIC chair Gruenberg gets heat from lawmakers over bargain basement SVB deal

Shares in regional lender First Citizens skyrocketed this week after scooping up SVB on the cheap, prompting questions from Congress whether the FDIC negotiated a poor deal that will now cost banks $20 billion.

Fortune

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How A $700M Tech VC Firm Was Saved From SVB Collapse, And Why Its CEO Still Banks There

The collapse of Silicon Valley Bank has sounded an alarm for the entire banking sector as a VC Tech still banks there

Zenger

Here's how First Citizens should approach the SVB acquisition, according to experts

Communicating quickly to try and retain the best clients is a pivotal move.

Fortune

"Badwill" hunting: The difference between the bank failures of 2008 and today

The difference between the bank failures of 2008 and today.

Axios

FTSE 100 Live: FTSE closes at 7484, French bank raids, Next buys Cath Kidston

London’s main share index rose in morning trade, with banks once again keeping prominent slots on the leaderboard. However, much of the rally fizzled out as the day went on amid tax raids of a number of French banks, leaving the FTSE around where it started the day.

Evening Standard

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FDIC grants First Citizens rare credit line for SVB

First Citizens BancShares Inc.’s acquisition of Silicon Valley Bank came with an unusual provision: a $70 billion line of credit, courtesy of the Federal Deposit Insurance Corp.

Tribune News Service

ASX follows global gains; restaurants, cafes and bars most at risk from consumer 'recession' — as it happened

The local share market rises strongly. Retail sales slow, raising questions about the Reserve Bank's next move. Here's how it unfolded on the ABC News markets blog.

ABC News

Stock Market Today: Stocks Finish Mostly Higher After First Citizens Buys SVB Assets

The Nasdaq closed lower, though, as mega-cap tech stocks declined.

Kiplinger

First Citizens Bank will buy Silicon Valley Bank

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

Tribune News Service

Stocks Set to Open Higher as SVB Deal Calms Banking Sector Fears

June S&P 500 futures (ESM23) are up +0.34%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning as market participants welcomed the news that First Citizens BancShares had agreed to acquire Silicon Valley Bank’s deposits and loans.

Barchart

Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

Evening Standard

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

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The Guardian - UK

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

Al Jazeera

Banking sector sees boost as First Citizens acquires failed SVB

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

The Times of India

First Citizens buys Silicon Valley Bank

NEW YORK: First Citizens BancShares Inc agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

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Axios

First Citizens agrees to buy Silicon Valley Bank

This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Axios

First Citizens submits offer for all of failed SVB: Source

Separate bids for the commercial and private banks due this week

People

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