--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-086031" form_type: "8-K/A" ticker: "FCNCA" cik: "0000798941" company_name: "FIRST CITIZENS BANCSHARES INC /DE/" filed_at: "2023-03-31T23:59:59+00:00" generated_at: "2026-06-17T08:43:12.249664+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # First Citizens acquires $110B in assets from Silicon Valley Bridge Bank; FDIC provides $70B credit line ## Summary - 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. ## SEC filing metadata - accession: 0001193125-23-086031 - form_type: 8-K/A - ticker: FCNCA - cik: 0000798941 - company_name: FIRST CITIZENS BANCSHARES INC /DE/ - filed_at: 2023-03-31T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 2.01, 2.03, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/d465632d8ka.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-086031 - JSON: https://secwatch.observer/filing/0001193125-23-086031.json - Plain text: https://secwatch.observer/filing/0001193125-23-086031.txt ## Key facts - Debt Financings 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - Debt Financings 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - M&A Transactions 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 source text: The Acquisition was consummated on March 27, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - Material Agreements 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 source text: pursuant to the terms of a purchase and assumption agreement entered into by FCB and the FDIC on March 27, 2023 (the “Purchase Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - Material Agreements 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 source text: (“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”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm - Material Agreements FIRST CITIZENS BANCSHARES INC /DE/ entered into Shared-Loss Agreement with FDIC (effective 2023-03-27). - Action: entry - Counterparty: FDIC - Effective: 2023-03-27 source text: (“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”). evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.