First Citizens Targets Mass., Northeast with Middle-Market Group
Along with the expansion into the Northeast, First Citizens hired two Boston-based executives to help manage the effort.
All Boston-Area SVB Private Branches to Rebrand
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.
SVB Loans, Deposits Shrank in Q4
Silicon Valley Bank recorded lower deposits and loans in the fourth quarter of last year as the nation’s innovation economy continues to suffer under the weight of higher interest rates and investor expectations.
First Citizens Pledges $6.5B to MA, CA Community Investments
Silicon Valley Bank’s buyer announced the grants and lending set-asides after community groups and housing advocates raised fears investments SVB promised before its failure would be lost.
Leader Bank Hires Second Banker for Startup/VC Team
Leader Bank has added a second former First Republic Bank employee to its team focused on banking Greater Boston’s tech sector.
SVB Commercial Launches Ad Campaign as Rivals Look to Grow
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 as local competitors look to challenge SVB’s dominance in the tech and biotech sectors.
Leader Bank Hires from First Republic to Build Startup Banking Unit
Arlington-based Leader Bank has become the second Boston-area community bank to intentionally pursue clients in the region’s tech economy with the hiring of eight-year First Republic Bank veteran Vitaliy Schafer.
Banker & Tradesman’s Editorial Cartoon: Fishing Trophies
Banks are going fishing for new talent, and coming up with big victories.
Leerink Partners Returns After SVB Judge OK’s Buyout
The investment bank arm of Silicon Valley Bank is back to being an independent entity after the judge in SVB’s Chapter 11 bankruptcy proceedings approved a $55 million buyout offered by the unit’s executives.
Mass. Startups Rethink Banking Relationships
Silicon Valley Bank’s March collapse may have vanished from the headlines, but the resulting dust is far from settled as its successor and a prominent local bank jockey for the opportunity to serve Massachusetts’ tech and biotech startups.
Banker & Tradesman’s Editorial Cartoon: You’ve Got the Next Round
With hundreds of layoffs at Silicon Valley Bank and First Republic Bank, it’s hard to find someone to help you drown your sorrows.
First Citizens Lays off Hundreds of SVB Employees
Following its collapse and subsequent acquisition by First Citizens Bank, hundreds of SVB employees were laid off yesterday.
First Citizens Reports SVB Deposit Flight Tapered Off
In addition to a $10 billion windfall that came with its acquisition of the failed Silicon Valley Bank in March, First Citizens Bank’s first-quarter earnings call Wednesday morning offered an even more important sign the deal will pay off.
Beat-Up Banks Leave Real Estate Waiting
Last week’s bank earnings reports confirm: It’s going to be a long wait before projects will be able to find ready financing again.
Dimon: Bank Rules Should Change After Silicon Valley Bank Failure
JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.”
Bank Failures Highlight Declining Deposits Industry-Wide
Depositors have accelerated withdrawals amid recent bank failures and sharply rising interest rates, raising concerns about the industry’s health and ability to withstand a crisis, an expert says.
Bank Rules Under Review in Wake of SVB Failure
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.
Fed’s Barr: SVB Execs Main Cause of Bank’s Failure
The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
First Citizens Expects to Bring Back Some SVB Customers
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.
First Citizens Buys SVB Deposits and Loans, SVB Private
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.
