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First Citizens BancShares Sees $9.8 Billion Boost from Silicon Valley Bank Acquisition

First Citizens BancShares Inc announced a $9.82 billion gain in Q1, following the acquisition of the failed lender, Silicon Valley Bank, in March.

Logos of First Citizens Bank and Silicon Valley Bank
Logos of First Citizens Bank and Silicon Valley Bank

The Surge in Profits Fueled by Acquisition

The windfall significantly increased the company's profit to $9.50 billion, or $653.64 per share, in the quarter ending March 31, compared to $264 million, or $16.70 per share, in the same period the previous year.

First-Quarter Deposits Reach $140.05 Billion

The Raleigh-based lender's Q1 deposits skyrocketed, reaching $140.05 billion, a 57% increase from the end of the previous year.

Silicon Valley Bank's Contribution to First Citizens' Growth

Over a third of the deposits came from the recently acquired Silicon Valley Bank, which First Citizens purchased with the support of U.S. regulators.