{"id":1929984,"date":"2023-05-12T18:12:28","date_gmt":"2023-05-12T22:12:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buyer-of-failed-silicon-valley-bank-reports-9-5-billion-profit-following-acquisition\/"},"modified":"2023-05-12T18:14:48","modified_gmt":"2023-05-12T22:14:48","slug":"buyer-of-failed-silicon-valley-bank-reports-9-5-billion-profit-following-acquisition","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buyer-of-failed-silicon-valley-bank-reports-9-5-billion-profit-following-acquisition\/","title":{"rendered":"New owner of bankrupt Silicon Valley bank earns $9.5B profit."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbuyer-of-failed-silicon-valley-bank-reports-9-5-billion-profit-following-acquisition%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1929984&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>First Citizens Bank Reports Over $9 Billion Profit Following SVB Acquisition<\/h2>\n<p>First Citizens Bank has reported a preliminary gain of over $9.82 billion following its acquisition of Silicon Valley Bank (SVB) in March. The bank&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/run-from-the-hills-newsom-dismisses-californias-mass-business-exodus\/\" title=\"Run (From) The Hills: Newsom Dismisses California\u2019s Mass Business Exodus\">net income<\/a> available for common stockholders for Q1 2023 was $9.50 billion, over 39 times higher than the previous quarter. Deposits rose by over $50 billion to $140.05 billion, while loans increased by more than $67 billion to $138.29 billion. First Citizens acquired SVB, including all customer deposits and liabilities, at a discount of $16.45 billion. <\/p>\n<h3>Building Long-Term Value for Shareholders<\/h3>\n<p>First Citizens&#8217; chairman and CEO, Frank B. Holding, Jr., said the bank has made strides to integrate the two companies since the acquisition. He added that the bank is confident it will continue to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buyer-of-failed-silicon-valley-bank-reports-9-5-billion-profit-following-acquisition\/\" title=\"New owner of bankrupt Silicon Valley bank earns .5B profit.\">deliver long-term<\/a> value for shareholders, building on the strengths of SVB, including exceptional talent and expertise, significant scale, geographic diversity, and meaningful solutions for customers.<\/p>\n<h3>Regulatory Failure and Multiple Acquisitions<\/h3>\n<p>First Citizens, founded in 1989, has more than 500 branches across 21 states in the US and ranks among the top 20 US financial institutions in terms of assets, which amount to over $100 billion. The bank has overseen multiple acquisitions through bank deals, with the assistance of the Federal Deposit Insurance Corporation (FDIC). The takeover of SVB is the latest in such deals. Meanwhile, the California Department of Financial Protection and Innovation (DFPI), the state&#8217;s bank regulator, admitted in a recent report that it was too slow in addressing the growing issues at SVB and failed to make the troubled lender fix its problems.<\/p>\n<h3>Share Price Surge<\/h3>\n<p>Shares of First Citizens were up by over 41% as of May 10, year to date, with much of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-intel-republicans-blast-adam-schiff-we-will-not-comply-with-your-testing-requirements\/\" title=\"House Intel Republicans Blast Adam Schiff: We Will 'Not Comply' with Your Testing Requirements\">surge due<\/a> to the SVB acquisition. Between March 24 and May 10, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-financial-bubbles-that-made-gamestop-look-like-nothing\/\" title=\"5 Financial \u2018Bubbles\u2019 That Made Gamestop Look Like Nothing\">share price<\/a> has risen by over 101% to $1,175.35.<\/p>\n<h3>Key Takeaways:<\/h3>\n<ul>\n<li>First Citizens Bank reports a preliminary gain of over $9.82 billion following its acquisition of Silicon Valley Bank (SVB) in March.<\/li>\n<li>First Citizens&#8217; net income available for common stockholders for Q1 2023 was $9.50 billion, over 39 times higher than the previous quarter.<\/li>\n<li>First Citizens acquired SVB, including all customer deposits and liabilities, at a discount of $16.45 billion.<\/li>\n<li>Shares of First Citizens were up by over 41% as of May 10, year to date, with much of the surge due to the SVB acquisition.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>First Citizens Bank, which bought the failed lender Silicon Valley Bank (SVB) in March, has reported a profit of more than $9 billion due to the takeover. First Citizens made a preliminary gain of $9.82 billion on the acquisition, according to the bank\u2019s May 10 earnings release (pdf) detailing its first-quarter performance. As a result<\/p>\n","protected":false},"author":1,"featured_media":1929985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[26628,5373,15816,10038,6263,7116,8107,8109],"class_list":["post-1929984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-9-5b","tag-bank","tag-bankrupt","tag-earns","tag-owner","tag-profit","tag-silicon","tag-valley"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1929984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1929984"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1929984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1929985"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1929984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1929984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1929984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}