First Citizens Bank

Investment and strategic decisions are overseen by Chairman and CEO Frank B. Holding Jr. and the executive leadership team. The bank does not operate a separate chief investment officer role in the family-office sense; rather, asset-liability management, the securities portfolio, and wealth management investment strategy are run through the bank's treasury and trust committees under board governance.

In March 2023, First Citizens acquired substantially all of Silicon Valley Bank's deposits, loans, and 17 branches from the FDIC, which had taken SVB into receivership. The acquired business now operates as SVB Commercial, a division of First Citizens Bank, focused on technology, life-science, and private-equity clients.

Yes. The Holding family has managed the bank since the 1920s, and current Chairman and CEO Frank B. Holding Jr. represents the fourth generation of family leadership. His sister Hope Holding Connell serves as vice chairwoman, and the family collectively retains a significant minority equity stake in the publicly traded holding company, First Citizens BancShares.

First Citizens has built much of its national scale through FDIC-assisted acquisitions of failed banks, starting with Temecula Valley Bank in 2009. The bank has completed over 25 such transactions, which typically include loss-share agreements that limit downside risk on acquired loan portfolios. The SVB transaction was the largest in that sequence.

First Citizens operates a wealth management and trust division serving individuals, families, and institutions, but it does not operate as a single-family office for the Holding family. The wealth business provides investment management, trust administration, and estate planning services, primarily to clients in the bank's Southeast footprint and the acquired SVB client base.