(Reuters) – First Citizen BancShares Inc on Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March.
The windfall helped drive a surge in its profit to $9.50 billion, or $653.64 per share, for the three months ended March 31 from $264 million, or $16.70 per share, a year earlier.
The Raleigh, North Carolina-based lender’s first-quarter deposits stood at $140.05 billion, also rising nearly 57% from the end of last year.
More than a third of those deposits came from Silicon Valley Bank, which First Citizens had scooped up with the backing of U.S. regulators.
(Reporting by Siddarth S in Bengaluru; Editing by Anil D’Silva)