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Billionaire Family Expands First Citizens by Scooping Up Failed Banks

  • Silicon Valley Bank deal takes North Carolina firm to top 15
  • Company started with $10,000 was once led by CEO’s grandfather
Bloomberg business news
First Citizens Deal Leads to Regional Banks Rally
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With his deal to buy the assets of Silicon Valley Bank, Frank B. Holding Jr. has now scooped up at least a dozen failed banks since 2008. 

The acquisition by First Citizens BancShares Inc. from the Federal Deposit Insurance Corp. creates a $143 billion loan portfolio and turns Holding’s little-known bank into one of the country’s largest lenders to the venture capital and private equity industries. It also means Raleigh, North Carolina-based First Citizens will now be one of the top 15 US banks, with more assets than the likes of Morgan Stanley or American Express Co., according to Federal Reserve data.