FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA): M&A transaction — First Citizens BancShares completes SVB bridge bank acquisition; records $9.8B after-tax gain

FIRST CITIZENS BANCSHARES INC /DE/

Assets acquired $107.54B (loans $68.47B, cash $35.31B); liabilities assumed $61.42B (deposits $56.01B).
Preliminary after-tax gain on acquisition $9.81B; assets acquired at $16.45B discount.
Issued $35.81B purchase money note to FDIC; $500M value appreciation instrument exercised and paid.
Shared-loss agreement covers $60.5B loans; FDIC shares 50% of losses above $5B; possible true-up to $1.5B.
SVB Segment: net income $530M Mar-Dec 2023; deposits fell from $56.01B to $38.48B.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FIRST CITIZENS BANCSHARES INC /DE/ completed an acquisition involving Federal Deposit Insurance Corporation (closed 2023-03-27).

Action: acquisition
Counterparty: Federal Deposit Insurance Corporation
Closing: 2023-03-27

Exact text from the filing

FCB acquired assets with a fair value of $107.54 billion, including approximately $68.47 billion in loans held by Silicon Valley Bridge Bank and $35.31 billion of cash and interest-earning deposits at banks.

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FIRST CITIZENS BANCSHARES INC /DE/ filing history →

Source: SEC EDGAR

accession 0000798941-24-000012

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