Billionaire Family Expands First Citizens With Failed Banks (1)

With his deal to buy the assets of Silicon Valley Bank, Frank B. Holding Jr.has now scooped up at least a dozen failed banks since 2008.

The acquisition by First Citizens BancShares Inc. from the Federal Deposit Insurance Corp. creates a $143 billion loan portfolio and turns Holding’s little-known bank into one of the country’s largest lenders to the venture capital and private equity industries. It also means Raleigh, North Carolina-based First Citizens will now be one of the top 15 US banks, with more assets than the likes of Morgan Stanley or American Express Co., according to ...