First Citizens BancShares Inc , a regional bank that has built a reputation of buying troubled rivals, is in the spotlight after it agreed to buy failed Silicon Valley Bank .
The deal comes after several attempts to sell the bank by the U.S. Federal Deposit Insurance Corporation did not succeed. First Citizens hadFirst Citizens shares soared on the news of the deal, surging more than 50%.* Raleigh, North Carolina-based First Citizens has bought a slew of failed rivals seized by regulators through government-assisted deals since 2009, according to the Federal Deposit Insurance Corporation's website.
* The lender's long-time CEO Frank Holding Jr has served in his current role since January 2008 and was elected the bank's chairman in February 2009.
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