---
schema_version: "secwatch.filing_event.v1"
accession: "0000798941-23-000028"
form_type: "8-K"
ticker: "FCNCA"
cik: "0000798941"
company_name: "FIRST CITIZENS BANCSHARES INC /DE/"
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T07:30:05.788472+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "medium"
source: SEC EDGAR
---

# First Citizens reports Q1 earnings; acquired $106.6B SVB Bridge Bank assets at discount

## Summary
- Acquired $106.6B total assets (including $68.5B loans) and assumed $55.96B deposits from FDIC on March 27, 2023.
- Assets acquired at a $16.45B discount; issued $35.15B 5-year Purchase Money Note to FDIC at 3.50% interest.
- Paid $500M cash to FDIC in April 2023 for value appreciation instrument granted in connection with acquisition.
- Established new SVB business segment for acquired operations; Chairman cites solid financial performance and capital/liquidity.

## SEC filing metadata
- accession: 0000798941-23-000028
- form_type: 8-K
- ticker: FCNCA
- cik: 0000798941
- company_name: FIRST CITIZENS BANCSHARES INC /DE/
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: medium
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/798941/000079894123000028/0000798941-23-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798941/000079894123000028/fcnca-20230510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000798941-23-000028
- JSON: https://secwatch.observer/filing/0000798941-23-000028.json
- Plain text: https://secwatch.observer/filing/0000798941-23-000028.txt

## Key facts
- Earnings Releases
  FIRST CITIZENS BANCSHARES INC /DE/ reported financial results for the quarter ended March 31, 2023.
  - Period: the quarter ended March 31, 2023
  - Result: reported results
  source text: On May 10, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended March 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000079894123000028/0000798941-23-000028-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.