First Citizens bank has more than 500 branches in 21 states and doubled its size to $219 billion with the acquisition of SVB.North Carolina’s First Citizens Bank doubled its size with the stroke of a pen in the early hours of Monday morning with its landmark FDIC-assisted acquisition of Silicon Valley Bank, and nobody will reap the rewards more than the family that has orchestrated its growth for the last century.
“It developed a bit of a specialty in that area,” says Peter Gwaltney, CEO of the North Carolina Bankers Association, referring to First Citizens’ purchases of failing banks. “They’re practiced at this, they’re disciplined and they’re trusted by the FDIC.” “Frank Holding is one of the most opportunistic bank buyers out there,” says Brady Gailey, a managing director at KBW. “He’s creating an enormous amount of shareholder value, and the math on this acquisition is just eye-popping. Tangible book value per share could double with this deal.”
First Citizens was founded in 1898 as the Bank of Smithfield serving farmers in Johnston County, North Carolina, and Frank Jr.’s grandfather Robert Powell Holding arrived as an employee in 1918 and became president in 1935. His son Lewis Holding became CEO for a half-century after the patriarch died in 1957, with Frank Holding Sr. serving as an executive alongside his brother. Frank Holding Jr.
First Citizens’ growth has been bolstered by its location in one of America’s fastest growing regions. Research Triangle Park between Raleigh and Durham is home to more than 300 companies. Google recently opened a large Durham office, and Apple is building a new billion-dollar campus in the Triangle area. In an investor call Monday morning, Holding cited Raleigh’s status as a growing hub for tech startups and his desire to make First Citizens their bank of choice.
Source: Financial Digest (financialdigest.net)
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