Berkshire Bank scored another high-ranking hire from the former Silicon Valley Bank and announced plans to relocate a downtown Boston branch to support its growing private banking team.
First Citizens Bank will finally plant its flag in Greater Boston roughly a year after buying Silicon Valley Bank following the latter’s March 2023 collapse.
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.
Berkshire Bank has added another name to its list of bankers it’s recruited from Silicon Valley Bank and the now-defunct First Republic Bank.
While only about one-third of Silicon Valley’s deposits remained at the bridge bank following the bank run and its aftermath, North Carolina-based First Citizens Bank & Trust Co. expects to bring back some of those former deposits and customers.
The major North Carolina bank has agreed to take over the remnants of Silicon Valley Bank, two weeks after the latter failed sending waves of concern rippling through the banking sector.
The FDIC plans to sell the legacy Boston Private business separately from the rest of Silicon Valley Bank through a new process announced this morning.
Despite message of reassurance from the White House, investors continued to dump shares in bank stocks Monday morning. Shares of First Republic Bank plunged more than 70 percent even after the bank said it was accessing emergency funding from the Federal Reserve.
