off-the-wire

First Citizens BancShares records $9.8 bln gain from Silicon Valley Bank purchase

Kitco Media
By Reuters
Published:
Updated:
Reuters

May 10 (Reuters) - First Citizen BancShares Inc (FCNCA.O) on Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March.

The windfall helped drive a surge in its profit to $9.50 billion, or $653.64 per share, for the three months ended March 31 from $264 million, or $16.70 per share, a year earlier.

The Raleigh, North Carolina-based lender's first-quarter deposits stood at $140.05 billion, also rising nearly 57% from the end of last year.

More than a third of those deposits came from Silicon Valley Bank, which First Citizens had scooped up with the backing of U.S. regulators.

Reporting by Siddarth S in Bengaluru; Editing by Anil D'Silva
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