iStock photo
First Citizens Bank is combining its existing wealth management unit and SVB Private, the former private banking and wealth management business of now-defunct Silicon Valley Bank, under a shared management structure.
First Citizens bought Silicon Valley Bank following its failure in March and continues to operate SVB’s commercial banking operations under a separate unit branded SVB Commercial.
“With our acquisition of SVB Private, it is logical and appropriate to bring our wealth and private banking activities together under a unified leadership structure. I am confident this approach will accelerate our ongoing efforts to support institutions, families and individuals with the personalized service and resources they need to grow, manage and preserve their wealth,” said Hope Holding Bryant, First Citizens’ vice chairwoman and the lead executive for the division that includes its wealth group.
Combined, First Citizens Wealth Management and SVB Private have $51 billion in assets and $11 billion in loan portfolio.
The bank’s announcement indicated it still hopes to convert SVB Commercial’s wine industry, venture capital and startup sector clients into customers of the combined wealth management entity. The bank plans to use both the SVB Private and First Citizens Wealth branding for now, but did not indicate how long that might last.
Michael Wilson will continue his position as managing director of First Citizens Wealth, but now also oversee SVB Private. Two SVB Private executives included Wilson’s new, nine-member leadership team, Robert Nentwig and Gerald Baker, will be based in Boston covering private banking and lending and personal trust services, respectively.
“I am truly excited and honored to lead this exceptional group of talented professionals. Our objective is always to put clients first with the high-touch, personalized customer service that has long been our hallmark. Between First Citizens Wealth and SVB Private, the resources and capabilities we have to support clients are second to none. We have never been better prepared to deliver the wealth planning and services our clients need to become financially successful,” Wilson said.
