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:   2023-03-31T23:59:59+00:00
Accession:  0001193125-23-086031
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 2.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Citizens acquires $110B in assets from Silicon Valley Bridge Bank; FDIC provides $70B credit line
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/0001193125-23-086031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/798941/000119312523086031/d465632d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-086031

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