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First Citizens stock skyrockets over 49%
March 28, 2023
Investors lifted First Citizens Bancshares stock on Monday after its primary subsidiary First Citizens Bank acquired the failed Silicon Valley Bank. SVB which was once the top lender of Silicon Valley is the epicentre of the recent banking systems turmoil. The North Carolina-based First Citizens stock price has rallied to as high as 49%.
At the time of writing, First Citizens traded at $842.64 up by $260.09 or 44.6%. But the stock has skyrocketed by at least 49.4% with an intraday high of $870.15 in the early deals. The stock was also near its 52-week high of $885.38.
On the previous day, First Citizens stood at $582.55.
First Citizens Bank & Trust Company on Monday agreed with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A.
In a statement, First Citizens said, the transaction is structured as a whole bank purchase with loss share coverage.
First Citizens was selected to complete this transaction through a competitive bidding process.
Frank B. Holding, Jr., chairman and CEO of First Citizens, said, “First Citizens has a reputation for financial strength, exceptional customer service, and prudent lending that spans 125 years. We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again.”
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