First Citizens Bank & Trust Company recently announced its agreement to acquire Silicon Valley Bank, a California-based bank known for providing financial services to startups and venture capitalists. This acquisition will help First Citizens Bank expand its reach and enhance its digital capabilities.
This is not the first time that First Citizens Bank has acquired a struggling financial institution. Over the years, the bank has acquired several failed banks and has demonstrated its ability to integrate these institutions successfully.
In 2012, First Citizens Bank acquired the failed Cooperative Bank in North Carolina. The acquisition helped the bank expand its footprint in the state and increase its deposit base. Similarly, in 2017, First Citizens Bank acquired Guaranty Bank, which had been under receivership by the Federal Deposit Insurance Corporation (FDIC). The acquisition added 120 branches to First Citizens Bank’s network and expanded its presence in the Midwest and Texas.
First Citizens Bank’s track record of successful integrations of failed banks positions it well to make the most of its acquisition of Silicon Valley Bank. The move will allow the bank to provide better services to startup companies and venture capitalists, which is a rapidly growing market.
This acquisition comes as part of First Citizens Bank’s strategy to increase its digital capabilities and expand its reach. With the acquisition of Silicon Valley Bank, the bank will be able to offer new and innovative services to its customers. The bank plans to continue its focus on innovation and digitization to stay ahead of the competition.
First Citizens Bank has a long history of serving its customers and communities. With its latest acquisition, the bank is set to continue its growth and expand its services to new markets.