First Citizens retires Silicon Valley Bank name

First Citizens BancShares is set to retire the Silicon Valley Bank (SVB) name, approximately three years after acquiring the struggling tech-focused lender. The rebranding initiative will see SVB divided into two distinct units: First Citizens Innovation Banking and First Citizens Fund Banking. This strategic move, commencing in the fourth quarter of the current year, signifies a complete integration and rebranding of the acquired entity under the First Citizens umbrella. The decision marks a significant step in consolidating the operations and identity of the former SVB.