First Citizens stock surges nearly 40.0% in premarket on SVB’s acquisition

1:14 PM March 27, 2023

First Citizens (FCNCA.US) stock skyrocketed in premarket after the bank holding company said it will buy a large part of assets of failed lender Silicon Valley Bank. First Citizens will assume all SVB deposits and acquire around $72 billion in assets at a discount of $16.5 billion, according to FDIC.  Some $90 billion in assets will remain under FDIC receivership. Silicon Valley's 17 branches will begin operating Monday as Silicon Valley Bank, a division of First Citizens Bank.

First Citizens  (FCNCA.US) stock rose sharply before the opening bell and erased most of the recent losses. Break above the upper limit of the 1:1 structure at $840.00 would potentially pave the way towards all-time high at $927.00. Source: xStation5

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app
Share:
Back

Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.

Losses can exceed deposits