First Citizens Bank to acquire Silicon Valley Bank, says FDIC.

The Federal Deposit Insurance Corporation (FDIC) has announced that First Citizens Bank will acquire Silicon Valley Bank, subject to regulatory approval. The move is expected to significantly expand the presence of First Citizens Bank in the West Coast region and strengthen its position as a national banking institution.

Silicon Valley Bank, based in Santa Clara, California, is known for its focus on serving the innovation economy, providing financial services to technology and life science companies. The bank has been in operation for over 35 years and has developed a reputation as a leader in the tech banking industry.

First Citizens Bank, headquartered in Raleigh, North Carolina, is one of the largest family-controlled banks in the United States. The bank operates over 500 branches across 19 states and the District of Columbia, with a focus on providing comprehensive financial solutions to individuals, businesses, and organizations.

The acquisition of Silicon Valley Bank by First Citizens Bank is expected to be a strategic move for both institutions. The deal will provide Silicon Valley Bank with access to First Citizens Bank's broader suite of products and services, including wealth management and insurance offerings. Meanwhile, First Citizens Bank will benefit from Silicon Valley Bank's established presence in the technology sector and gain a foothold in the West Coast market.

The transaction is expected to be completed in the third quarter of 2022, subject to regulatory approval. The terms of the deal have not been disclosed.

In a statement, First Citizens Bank CEO Frank Holding Jr. said, "We are excited to welcome Silicon Valley Bank to the First Citizens family. This transaction represents an excellent opportunity to expand our geographic footprint, deepen our relationships with new and existing customers, and enhance our ability to serve the innovation economy."

The acquisition of Silicon Valley Bank by First Citizens Bank is expected to have a significant impact on the banking industry, particularly in the technology and innovation sectors. As these industries continue to grow and evolve, the partnership between these two institutions could play a key role in shaping the future of banking and financial services.