8-K/A
filed March 31, 2023, 7:59 PM ET
ticker FCNCA
CIK 0000798941
M&A
confidence high
sentiment positive
materiality 1.00
FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA): M&A transaction — First Citizens acquires $110B in assets from Silicon Valley Bridge Bank; FDIC provides $70B credit line
FIRST CITIZENS BANCSHARES INC /DE/
- Acquired ~$110B in assets ($72B loans) and assumed ~$59B liabilities ($56.5B deposits) from FDIC.
- Assets acquired at a discount of ~$16.45B; deposits assumed without premium.
- Issued $35B five-year note to FDIC at 3.5% interest; FDIC provided $70B line of credit.
- Shared-loss agreement covers $60B of loans; FDIC reimburses 50% of losses above $5B.
- FDIC exercised value appreciation instrument for $500M payment to FDIC.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ incurred credit facility of $70 billion with FDIC at Secured Overnight Financing Rate plus 25 basis points (but in no event less than maturing five-year.
- Instrument
- credit facility
- Principal
- $70 billion
- Counterparty
- FDIC
- Rate
- Secured Overnight Financing Rate plus 25 basis points (but in no event less than
- Maturity
- five-year
- Event
- incurrence
Exact text from the filing
FCB and the FDIC also entered into a binding term sheet pursuant to which the FDIC is providing a five-year, $70 billion line of credit to FCB (the “Credit Facility”).
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ incurred loan of $35.0 billion with FDIC at 3.50% per annum maturing five-year.
- Instrument
- loan
- Principal
- $35.0 billion
- Counterparty
- FDIC
- Rate
- 3.50% per annum
- Maturity
- five-year
- Event
- incurrence
Exact text from the filing
In connection with the Acquisition, as initial payment under the Purchase Agreement, FCB issued a five-year $35.0 billion note to the FDIC (the “Purchase Money Note”).
View on SEC.gov
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 (FDIC), as receiver for Silicon Valley Bridge Bank, N.A. (closed 2023-03-27).
- Action
- acquisition
- Counterparty
- Federal Deposit Insurance Corporation (FDIC), as receiver for Silicon Valley Bridge Bank, N.A.
- Closing
- 2023-03-27
Exact text from the filing
The Acquisition was consummated on March 27, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ entered into Purchase Agreement with FDIC (effective 2023-03-27).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- FDIC
- Effective
- 2023-03-27
Exact text from the filing
pursuant to the terms of a purchase and assumption agreement entered into by FCB and the FDIC on March 27, 2023 (the “Purchase Agreement”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ entered into Purchase Money Note with FDIC valued at $35.0 billion note (effective 2023-03-27).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- FDIC
- Value
- $35.0 billion note
- Effective
- 2023-03-27
Exact text from the filing
(“Silicon Valley Bridge Bank”), as successor to Silicon Valley Bank (the “Failed Bank”), from the Federal Deposit Insurance Corporation (the “FDIC”), as receiver for Silicon Valley Bridge Bank (the “Acquisition”), pursuant to the terms of a purchase and assumption agreement entered into by FCB and the FDIC on March 27, 2023 (the “Purchase Agreement”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ entered into Credit Facility with FDIC valued at $70 billion line of credit (effective 2023-03-27).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- FDIC
- Value
- $70 billion line of credit
- Effective
- 2023-03-27
Exact text from the filing
FCB and the FDIC also entered into a binding term sheet pursuant to which the FDIC is providing a five-year, $70 billion line of credit to FCB (the “Credit Facility”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
FIRST CITIZENS BANCSHARES INC /DE/ entered into Shared-Loss Agreement with FDIC (effective 2023-03-27).
- Action
- entry
- Counterparty
- FDIC
- Effective
- 2023-03-27
Exact text from the filing
(“Silicon Valley Bridge Bank”), as successor to Silicon Valley Bank (the “Failed Bank”), from the Federal Deposit Insurance Corporation (the “FDIC”), as receiver for Silicon Valley Bridge Bank (the “Acquisition”), pursuant to the terms of a purchase and assumption agreement entered into by FCB and the FDIC on March 27, 2023 (the “Purchase Agreement”).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.