First Citizens Ditches SVB Name, Unifies Brand

0:00It's April 23rd. This is California News Today, AI-powered stories from your city. I'm Corey with the story. First Citizens Bank Shares is finally ditching the Silicon Valley bank name three years after snapping it up in that big government deal. The North Carolina base bank plans to split the old SBB division into two fresh units, First Citizens Innovation Banking and First Citizens Fund. Banking, rolling out in the fourth quarter. They're also slapping the First Citizens label on CIT commercial services and Silicon Valley bank wine, pulling everything under one roof. CEO Frank Holden Jr. says, is the right moment to unify the brand after taking time to sort it all out. This move comes after SBB's dramatic collapse in early 2023, triggered by spiking interest rates and panic withdrawals that spooked the whole sector. First Citizens stepped in as the steady hand, but folks in banking watched closely as the positive outflows dragged on. Last year in the fourth quarter, they folded SBB's numbers into their main commercial banking ops, dropping it as a standalone unit,

1:04unlike JP Morgan Chase, which blended first for public in just over a year. First Citizens took it slow to lock down stability first. Now with things solid, holding C's the single brand push as a signal of their deep commitment to the innovation world, setting up for more growth, both homegrown and through deals.