First Citizens Ending Silicon Valley Bank Name After Three Years

First Citizens BancShares Inc. will retire the Silicon Valley Bank name three years after it acquired the go-to bank for startups in a government-orchestrated deal.

The Raleigh, North Carolina-based regional bank will rename its Silicon Valley Bank division into two units, to be called First Citizens Innovation Banking and First Citizens Fund Banking, in the fourth quarter, according to a statement Thursday. CIT Commercial Services, a provider of working-capital financing taken over as part of the 2022 acquisition of CIT Group Inc., and Silicon Valley Bank Wine will both get First Citizens branding as well.

Customers enter the Silicon Valley Bank headquarters in Santa Clara, California, on March 13, 2023.

Photographer: David Paul Morris/Bloomberg

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