First Citizens Shares Soar 50% After The Bank Buys A Large Chunk Of Failed Silicon Valley Bank

First Citizens Shares Soar 50% After The Bank Buys A Large Chunk Of Failed Silicon Valley Bank

First Citizens shares jumped more than 53% during Monday trading on Wall Street. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion. The 17 former branches of Silicon Valley Bridge Bank will open as First-Citizens Bank & Trust Company in 2023.