Silicon Valley Bank's headquarters is shown in this August 2019 file photo. Photo by Sundry Photography | iStock/File

First Citizens Bank is moving to reaffirm innovation banking arm SVB Commercial’s presence in tech hubs around the country through a new advertisement campaign.

SVB is launching a new ad campaign called “Yes, SVB”, aimed at increasing awareness of SVB’s continued presence, operations, and commitment to clients and investors.

The ad campaign comes after the bank run leading to its failure and subsequent sell-off to North Carolina-based First Citizens caused the former Silicon Valley Bank to lose billions in deposits as tech and venture capital clients looked to diversify their deposit strategies. At the same time other players, like Cambridge Trust, JPMorgan Chase and Arlington-based Leader Bank, have sought to muscle in on a space SVB and First Republic Bank had dominated in the Boston area up until this spring.

SVB said the campaign will focus on SVB’s “ongoing progress and growth of the business”, noting that it was able to get more than 100 new loans and over $1 billion of new loan commitments from technology and healthcare companies in April to June alone.

“Despite what you might have read or heard, SVB is open and operating with the largest teams of dedicated bankers serving private equity, the innovation economy and the wine industry. We continue to support our clients as we always have,” Marc Cadieux, head of SVB Commercial, said in a statement.

“What our clients need and expect from SVB is still here – dedicated and knowledgeable teams, comprehensive products and services, exceptional service, and a deep understanding of their unique businesses. Our new parent company, First Citizens, recognizes SVB’s critical role in the innovation economy and is backing and investing in the SVB business so it can continue to support our clients’ growth,” he added.

In announcing its new ad campaign, SVB Commercial included a testimonial from a client, San Francisco-based fintech Settle.

“For Settle, SVB has remained consistently on point this year,” Alek Koenig, Settle’s CEO, said in a statement “SVB has been an important partner and continues to provide the support and solutions as we scale our business to empower more growing brands.”

In addition to the ad campaign, First Citizens also announced its wealth management arm, whose leadership was recently restructured to add two Boston executives from SVB Private, is launching a dedicated wealth advisory business to target wealthy clients in the Southern California market.

The bank has been active in serving California mainly through middle market banking and commercial lending with its 60-plus branches in that state. A dedicated wealth advisory in the southern part of the state is a targeted expansion to capture wealth clientele in the area.

“We look forward to introducing high net-worth individuals and institutional clients across Southern California to the unique blend of service and support that is making First Citizens Wealth one of the industry’s top providers of financial services and guidance,” Art Saldivar, First Citizens Wealth regional executive in Southern California, said in a separate statement.

SVB Commercial Launches Ad Campaign as Rivals Look to Grow

by Nika Cataldo time to read: 2 min