First Citizens Bank bought SVB, or at least that’s what the news headlines reported. In reality, First Citizens Bank bought Silicon Valley Bank’s assets. The deal FCB got on SVB’s assets was so good, that First Citizens Bank Stock soared over 50% on Monday. FCNCA shares rose over $300 to finish the day at nearly $900. This deal also sent other bank stocks, such as First Republic Bank, up as well. FRC was up over 11% on Monday. As the banking crisis settles down, and fears of bank runs start to subside, regional bank stocks are starting to rebound. That, combined with other stock market news, is causing a major shift in the stock market that you need to know about.
