First Citizen BancShares Inc on Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March.
First Citizens BancShares and SVB logos are seen in this illustration taken March 19, 2023. REUTERS/Dado Ruvic/Illustrationon Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March.
The windfall helped drive a surge in its profit to $9.50 billion, or $653.64 per share, for the three months ended March 31 from $264 million, or $16.70 per share, a year earlier. The Raleigh, North Carolina-based lender's first-quarter deposits stood at $140.05 billion, also rising nearly 57% from the end of last year.with the backing of U.S. regulators.
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