: First Citizens reports $9.5 billion profit on Silicon Valley Bank acquisition

May 10, 2023

First Citizens Bancshares Inc.’s stock rallied Wednesday after the lender reported a first-quarter profit of nearly $10 billion from its acquisition of Silicon Valley Bank in March.

First Citizens Bancshares FCNCA stock jumped 5.7% on Wednesday morning, as the broad market fell back to mixed trading.

The Raleigh, N.C., lender said its earnings…

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