A Bank Collapse Ends in 'Succession' Not Recession
In taking over Silicon Valley Bank, First Citizens is keeping things in the family.
SVB, meet your new owner.
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While you were up late last night watching the Roy siblings let a thousand sunflowers bloom on HBO’s Succession, a family affair with far higher stakes was unfolding in real time. After a series of negotiations with the FDIC, First Citizens BancShares Inc., a family-owned bank catering to clients in North and South Carolina, agreed to buy Silicon Valley Bank after the worst bank run since 2008. All eyes are on the 125-year-old firm, which went from being a B-list bank (at best) to an A-lister overnight. It’s become the Julia Fox of financial institutions: