secwatch.observer — SEC 8-K summary
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Issuer:     FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA)
CIK:        0000798941
Form:       8-K/A
Filed at:   2024-01-26T23:59:59+00:00
Accession:  0000798941-24-000012
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Citizens BancShares completes SVB bridge bank acquisition; records $9.8B after-tax gain
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/798941/000079894124000012/0000798941-24-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/798941/000079894124000012/fcnca-20230327.htm
  HTML page:      https://secwatch.observer/filing/0000798941-24-000012

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer