First Citizens Bank, which bought the failed lender Silicon Valley Bank (SVB) in March, has reported a profit of more than $9 billion due to the takeover.
First Citizens made a preliminary gain of $9.82 billion on the acquisition, according to the bank’s May 10 earnings release ( pdf ) detailing its first-quarter performance. As a result of the business takeover, First Citizens’ net income available for common stockholders for the first quarter of 2023 came in at $9.50 billion, or $653.64 per […]
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