SVB lost the confidence of our clients, friends and fans, and for that we are deeply sorry. Each of our next steps is aimed at earning back our clients’ trust. What our clients in every sector, segment and life stage of the innovation economy need and expect from SVB is still here – dedicated and knowledgeable teams, comprehensive products and services, and a deep understanding of our clients’ unique businesses.
We remain dedicated to the success of the investors and innovators who are literally inventing the future, and now we have the full backing, credit appetite and financial support of 125-year old First Citizens Bank to continue to pursue that mission. First Citizens is not selling SVB’s loans, and in fact intends to grow the SVB loan portfolio. It acquired all parts of SVB commercial and private banking business and the SVB team is operating as a unit with its own operating model, credit policy, and specialized services.
We have the deepest bench of experts serving the innovation economy that has also been through several market cycles. Our expertise – built over 40 years – and our connections and insights into the unique sectors we serve, differentiates SVB from other financial institutions.
And, First Citizens Bank has a positive reputation for offering a full suite of products and services that help consumer, business, commercial and wealth clients build financial strength that lasts. Its holding company has more than $145B in deposits, $143B in loans and $219B in total assets (NASDAQ: FCNCA). First Citizens also has a history of expanding its business through mergers and acquisitions, and Silicon Valley Bank adds new geographies and businesses to its portfolio, that it intends to enable to grow with the needs of SVB’s clients.
