Silicon Valley Bank Acquired by First Citizens | Financial Services M&A Deal

First Citizens has acquired Silicon Valley Bank, a banking business in North Carolina, for $100.8M. First Citizens will rebrand the Silicon Valley Bank division to First Citizens Innovation Banking and rename SVB Global Fund Banking to First Citizens Fund Banking, while keeping the SVB team model, tailored products, and service focus for the innovation economy. The Silicon Valley Bank acquisition also supports First Citizens’ private equity and working capital financing offerings, including CIT Commercial Services and the Silicon Valley Bank Wine unit, now renamed under First Citizens. The strategic acquisition is part of First Citizens acquisitions that expanded the bank’s scale after prior deals, with rebranding changes planned for the fourth quarter and deal status listed as announced.