First Citizens must prove it can fill SVB’s shoes

Early returns from VCs suggest First Citizens will have to prove to SVB’s current and former customers that it can recapitulate the same level of sophistication and services before they decide to stay with or return to the bank.

North Carolina-based First Citizens BancShares Inc. (NASDAQ:FCNCA) said early Monday it had completed a deal with the FDIC to acquire $110 billion of assets from Silicon Valley Bridge Bank, including $72 billion in loans and $56 billion in deposits. ...