First Citizens BancShares is a large regional bank holding company that operates primarily through its banking subsidiary, First-Citizens Bank & Trust (FCB). The bank offers deposit accounts, loans, wealth management, and fee-based products to consumers, small and middle-market businesses, and commercial clients across 500+ branches concentrated in North Carolina, South Carolina, and California, as well as a national direct bank digital platform. First Citizens' most distinctive business is its 2023 FDIC-assisted acquisition of Silicon Valley Bank (SVB), which it operates as a dedicated division serving VC and PE firms, tech, life sciences, and healthcare companies. SVB manages roughly $70B in client funds, much of it off-balance-sheet in money market products, which can flow on-balance-sheet as deposits when innovation economy activity picks up. SVB also runs a Global Fund Banking business that extends capital call lines of credit to PE and VC sponsors. First Citizens also owns a railcar leasing business, which generates recurring rental income with utilization near 97%. First Citizens earns revenue primarily through net interest income. A notable balance sheet feature is the ~$33B purchase money note owed to the FDIC from the SVB deal, on which First Citizens earns a positive spread; the company plans to accelerate repayment as rates decline. First Citizens has grown primarily through acquisitions, including CIT Group in 2021 and SVB in 2023, and has a pending deal to acquire 138 BMO Bank branches expected to close in H2 2026.