First Citizens posts $9.5 billion profit on Silicon Valley Bank acquisition


First Citizens Bancshares Inc. FCNCA on Wednesday reported a first-quarter profit of $9.5 billion, or $653.64 a share, up sharply from a year-ago profit of $264 million, or $16.70 a share. The bank said its March 27 acquisition of Silicon Valley Bank from the Federal Reserve Insurance Co. included a preliminary gain of $9.8 billion net of tax. Adjusted net income in the latest quarter was $20.09 a share, short of the analyst forecast of $22.29 a share, according to estimates compiled by FactSet. CEO Frank B. Holding Jr. said the bank has made strides to integrate Silicon Valley Bank including “meaningful engagement”…

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