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First Citizens BancShares
Frank Holding Jr.'s First Citizens BancShares used an FDIC-assisted deal playbook to absorb SVB, becoming a family-controlled $200B-plus US bank.
First Citizens BancShares
First Citizens BancShares was chartered in 1898 as the Bank of Smithfield in Johnston County, North Carolina. Frank Holding Jr., representing the third generation of family leadership, has served as chairman and CEO since 2008. The Holding family maintains voting control through a dual-class stock structure, with Class B shares granting effective control over a publicly traded entity now among the 20 largest US banks. The firm's strategy is unlike any peer: it specializes in acquiring failed banks through loss-share agreements with the FDIC. The March 2023 purchase of Silicon Valley Bridge Bank from the FDIC — an all-cash transaction assumed to involve approximately $72 billion in loans and $56 billion in deposits (per the FDIC, 2023) — was the most dramatic example. This followed a pattern of over 20 FDIC-assisted deals since the financial crisis, including First Regional Bank in 2010 and Harvest Community Bank in 2017. Beyond legacy retail and commercial banking, First Citizens now operates a nationwide direct lending platform serving private equity-backed middle-market companies, a wealth management division, and a significant real estate lending practice across the East Coast and California. The acquisition of SVB also brought over 600 venture capital and private equity relationships onto the balance sheet. Headcount surpassed 15,000 following the integration (per the firm, 2023), with a presence now spanning from Boston to San Francisco. Adjacent to the main bank, the Holding family participates in regional philanthropy through the First Citizens Charitable Foundation focused on North Carolina communities. May 2024: First Citizens repaid $2 billion in Federal Home Loan Bank advances taken on by SVB, signaling confidence in deposit stability (per American Banker, May 2024). The structural differentiator is the Holding family's permanent capital and patient control. Unlike most $200 billion US banks subject to quarterly shareholder pressure, First Citizens can pursue counter-cyclical acquisitions and long-duration credit books without the same activist scrutiny. The FDIC-assisted deal playbook, refined over three generations of a single family, is not replicable by conventional management teams or private-equity-backed bank roll-ups.
General information
Firm type
Asset Manager
Year founded
1898
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Raleigh
Corporate office
Raleigh, NC, United States
Principals
Frank Holding Jr.
Chairman and CEO
Sector focus
Frequently asked questions
Who controls First Citizens BancShares?
The Holding family controls First Citizens BancShares through a dual-class equity structure. Frank Holding Jr., the third-generation chairman and CEO, holds effective voting power. This control arrangement has been in place since the bank's founding in 1898 and was reaffirmed in the firm's public filings following the SVB transaction.
What is the firm's history of FDIC-assisted bank acquisitions?
First Citizens has executed over 20 FDIC-assisted bank purchases since 2009. The transactions typically involve loss-share agreements that limit downside credit risk. The 2023 acquisition of Silicon Valley Bridge Bank was the largest — and one of the largest bank resolutions in US history — but the firm had previously absorbed institutions such as Temecula Valley Bank and First Regional Bank during the 2008–2010 crisis cycle.
Does First Citizens operate as a traditional family office or an operating bank?
It operates primarily as a publicly traded regional-to-national commercial bank, not a private family office. The Holding family's influence is exercised through share voting control rather than a separate family office vehicle. However, the permanent-family-capital governance framework gives it some structural parallels to family offices that pursue opportunistic credit and real estate exposure.
What is the relationship between the acquired SVB franchise and the legacy First Citizens business?
The SVB operations, now branded 'SVB, a division of First Citizens Bank,' continue as a distinct unit serving venture capital, private equity, and technology banking clients. The parent company, First Citizens BancShares, added SVB's substantial loan book and deposit base to its legacy commercial and retail banking operations in the Southeast and Mid-Atlantic.
What is First Citizens' investment posture in private credit?
The bank runs a significant direct lending platform targeting private equity-sponsored middle-market companies nationwide. Following the SVB integration, its exposure to sponsor-backed lending, venture debt, and subscription credit lines expanded considerably, making it one of the more meaningful bank-affiliated private credit providers in the US.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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