Statement from State Treasurer Dale R. Folwell, CPA, on First Citizens Acquisition of Silicon Valley Bank

As chairman of the State Banking Commission, I was pleased to hear the news this morning that First Citizens BancShares has acquired Silicon Valley Bank. This is a positive reflection on the conservative regulatory environment that we have established in North Carolina. I believe this cements our place as the second-leading banking center in the United States behind New York. I am proud of North Carolina Commissioner of Banks Katherine Bosken and her staff for all of the efforts that they have put forth in analyzing this transaction and solidifying confidence in our North Carolina state-chartered banks.