Silicon Valley Bank, a division of First Citizens Bank, is open for business
Your relationship managers are here for you as always — please reach out to them with any questions you may have. Or if you’d like to become a client.
About SVB, division of First Citizens Bank
Who is First Citizens Bank?
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens now offers an array of general banking services including a network of more than 550 branches in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $219 billion in assets. Visit firstcitizens.com to learn more.
What will happen to the Silicon Valley Bank name?
Silicon Valley Bank branches and offices are now operating as Silicon Valley Bank, a division of First Citizens Bank.
Will Silicon Valley Bank customers have access to First Citizens Bank products and services, including branches and ATMs?
At this time, Silicon Valley Bank customers will not have access to First Citizens Bank products and services, including branches and ATMs. Silicon Valley Bank customers should continue to bank and access their accounts as they always have.
Is First Citizens Bank committed to supporting the innovation and technology sectors?
Yes, First Citizens is committed to continuing to help innovators, enterprises and investors move bold ideas forward.
Will First Citizens continue to invest in Silicon Valley Bank’s Global Fund Banking business?
Silicon Valley Bank’s large portfolio of client relationships across private equity and venture capital firms and their portfolio companies nicely complements First Citizens’ existing customer base. We recognize the importance of legacy SVB’s Global Fund Banking business in providing banking, payments, FX and capital call lines to private equity and venture capital clients as well as deposit products, treasury management products and several FX solutions to facilitate cross-border capital flows for private equity/venture capital clients. We are committed to building on and investing in Silicon Valley Bank’s Global Fund Banking business to preserve these strong relationships and serve as their leading provider of banking, payments, FX and capital call lines.
What is the status of SVB’s products and solutions?
Clients may also reference this servicing Q&A for more information: https://www.svb.com/learning-central/fcb/intro
Why should we consider staying with SVB?
What is the status of SVB’s international businesses?
What can you say about SVB’s security and stability as well as trustworthiness?
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.
Will the client support teams be the same?
Is Silicon Valley Bank accepting new clients and new business?
Will deposit interest continue to be paid out?
How will Letters of Credit (LC) be managed?
Does this acquisition affect my FDIC insurance coverage?
Your deposits will continue to be insured by the FDIC up to the maximum amount allowed by law. This maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
Are you honoring debt facilities?
Are you originating new ones?
What happens to term sheets issued and refinances?
For More Questions
Please log in to your Silicon Valley Bank digital banking platform and access our self-service Help resources. You may also contact Client Support at 1.800.774.7390, 5:00 AM – 5:30 PM PT M-F.
News about Silicon Valley Bank, a division of First Citizens Bank.