Business Transformation | 09.21.26

Banking Bargain Hunter Is Looking for His Next Big Acquisition

by: Yizhu Wang

First Citizens BancShares CEO Frank Holding Jr. is seeking another major acquisition, building on deals that helped transform the North Carolina bank. First Citizens acquired CIT Group for $2.2 billion in 2022 and Silicon Valley Bank in 2023, helping it rise from the 41st-largest U.S. bank in 2021 to 18th at the end of June. Holding said he favors larger transactions that add scale and revenue to offset higher regulatory costs, while remaining open to different markets and businesses if targets have strong customer relationships. The bank’s family ownership, with the Holding family controlling more than 23% of shares, has helped speed deal decisions. First Citizens also recently acquired 138 Bank of Montreal branches.

Read the full article on Bloomberg