Buyer of Failed Silicon Valley Bank Reports $9.5 Billion Profit Following Acquisition

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’s May 10 earnings release ( pdf ) detailing its first-quarter performance. As a result of the business takeover, First Citizens’ net income available for common stockholders for the first quarter of 2023 came in at $9.50 billion, or $653.64 per diluted common share. This is over 39 times higher than the $243 million in net income, or $16.67 per share, First Citizens had made in fourth quarter 2022.

At the end of March 31, 2023, First Citizens reported deposits of $140.05 billion, up by over $50 billion from $89.41 billion by […]

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