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