Then watch them move the company to Charlotte.
Way too many historical ties to Raleigh. Many if the Holding family went to Broughton. Smithfield is technically then original base of FCB…it ain’t leaving Raleigh.
FCB with SVB could make sense from the Raleigh angle as well since there is a good amount of tech / research in the Triangle as is.
FCB appears to be moving aggressively on this one. Offered to buy the entire bank intact as well as submitting separate bids for the FDIC separated private wealth & retail/commercial businesses.
I remember reading about the bank that took over Lehman Brothers and how it was a huge regret
I think this will end up working out a lot better. Lehman’s collapse was ultimately because of suprime mortgages. SVB had losses because of treasuries, which the government has already said they will backstop them or get them back at par.
Sine FCB made there offer on Sunday and the FED didn’t bite then, I’m not so sure of their chances for the whole deal, maybe a piece?
the regret wasn’t driven by future unknown losses or the basis of the securities but legal liabilities they assumed when they bought the bank. BofA and JPM acted in good faith in '08 by buying Bear and ML at the request of the govt but then got hammered with lawsuits over the following decade. While 08 malfeasance was much worse, just reading the tea leaves, this is still risk for any one buying SVB as well. Lots of factors at play here and I do think the Fed wants a regional bank not a SIB buying SVB but we will see how it plays out.
The FDIC is offering to sell the bank as a whole & in 2 parts (private wealth & commercial/retail). First Citizens has made a bid for both. Appears the Bank wants to do the entire deal. IF it happens First Citizens will get A LOT bigger fast. A deal like this would move them to over $300Billion in assets. While that pales compared to JP Morgan or Citi, a $300Billion+ bank would put them a lot closer to a PNC, Truist, or US Bank in size.
Sounds like that new united entity would need a new signature office tower in their hometown to show off to the other big banks
I wonder if they could upzone some of their land at North Hills, or if CC would poopoo that too… side glance across the street at North Hills. (Though a nice new tower in DRT would be much preferred )
The story in the N&O used FCB’S black granite box on Fayett St for the story photo, lol.
That will inspire confidence in the masses who learn which bank will be buying out the second largest failed bank ever!
OR perhaps a bank that lacks such an ego that it feels the need to build some sort of Taj McColl (cough, cough) is just the bank that has the fiscal prudence to make such a purchase…
If FC were to build a new tower/HQ, I suspect that they’d go all-in on North Hills, or that Kane would push them to DTS if they couldn’t make it work in midtown. I have zero confidence that it would be downtown.
North Hills? Raleigh city limits. DTS? Raleigh city limits. Downtown? Raleigh city limits. It’s all the same place.
Don’t get me wrong, they’re all better than RTP or whatever, but I like DTR more than the other two
How about for SmoHo 3?
FCB’s HQ’s is at 239 Fayetteville Street in DTR. It’s call center is on Tyron rd. in Garner I believe, however its main real-estate holdings are at NH’s. Its were most of the “old Raleigh” money is located and so it’s where the true corporate people are or congregate.
i know they FCB, recently got a good chunk of another califonia bank in the bay area.