First Citizens eyes more influence in tech industry with SVB purchase

Photo caption: A First Citizens Bank branch. Photo credit: Elijah Nouvelage / Bloomberg via Getty Images. Article by Zachery Eanes and Dan Primack. Axios: Raleigh – March 27, 2023.

Raleigh’s First Citizens Bank is buying the remnants of the collapsed Silicon Valley Bank — a move that will make the Smithfield-founded company one of the 25 largest banks in the country.

Why it matters: The sale is a step toward stabilizing America’s regional banking sector, after a month of tumult. […]

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