First Citizens BancShares records $9.8 bln gain from Silicon Valley Bank purchase

Prosperity Bancshares

10/05/2023 15:39

May 10 (Reuters) - First Citizen BancShares Inc
 FCNCA.O  on Wednesday reported a  gain of $9.82 billion in the
first quarter from its acquisition of failed lender Silicon
Valley Bank in March. 
    The windfall helped drive a surge in its profit to $9.50
billion, or $653.64 per share, for the three months ended March
31 from $264 million, or $16.70 per share, a year earlier.
    The Raleigh, North Carolina-based lender's first-quarter
deposits stood at $140.05 billion, also rising nearly 57% from
the end of last year.
    More than a third of those deposits came from Silicon Valley
Bank, which First Citizens had scooped up with the backing of
U.S. regulators.
    

 (Reporting by Siddarth S in Bengaluru; Editing by Anil D'Silva)
 ((Siddarth.s@thomsonreuters.com;))