Family Behind First Citizens Adds $1 Billion to Wealth Since SVB
Frank Holding Jr. and his extended family have seen the value of their stake double to about $2.2 billion after buying Silicon Valley Bank’s assets out of bankruptcy.
A First Citizens Bank branch in Alpharetta, Georgia.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
A few months ago, Frank Holding Jr. was the head of a little-known lender in North Carolina. Now, following the turmoil in US regional banks, he’s sitting atop one the world’s fastest-growing fortunes.
Holding, 61, and his extended family have seen the value of their holding in First Citizens BancShares Inc. double since late March, after the Raleigh-based lender emerged as the buyer for Silicon Valley Bank’s assets.