The recent purchase of Silicon Valley Bank’s (NASDAQ: SIVB) deposits and loans by First Citizens Bank (NASDAQ: FCNCA) has highlighted this current global banking crisis. The acquisition of $72B in assets was made with a 23% discount of $16.5B, while the FDIC still holds on to $90B in securities and other assets. Equity appreciation rights in First Citizens BancShares common stock – with a potential value of up to $500M – was awarded by the FDIC, through a “loss-share transaction” to absorb commercial loan losses and minimize disruptions within the sector. Investors of this industry also looked over the potential risks looming, including that of the failed Signature Bank (SBNY) and the possible crises for First Republic (FRC) and Deutsche Bank (DB).
The collaboration between Apple (NASDAQ: AAPL) and China is one of mutual benefit. Tim Cook, CEO of Apple, paid a weekend visit to China where he spoke about their relationship at the China Development Forum. Besides the 94-95% of total iPhone supply in China, Apple has been looking to diversify its assembly operations. Warren Buffet’s great love for Apple, and how far it goes, is also being assessed.
The air has been tense since Russian President, Vladimir Putin announced his decision to place tactical nuclear weapons in Belarus. The storage facility aimed to enhance Russia’s strike ability near NATO’s eastern border will be done by July. The U.S. is aware of this news and remains committed as part of the collective defense of the NATO alliance. Meanwhile, the overseas wheat futures prices rose during the weekend, presumably to Russia’s possible decision to suspend exports.
First Citizens Bank is a bank holding company based in Raleigh, North Carolina which operates the First-Citizens Bank & Trust Company. Founded in 1898, the bank, over the years, has grown to be one of the top 100 largest financial institutions in the country. With history and experience alike, the bank caters to individuals, businesses as well as institutions across the United States.
Adrienne Watson is a spokesperson for the National Security Council in the United States. Before attaining the role, Watson served under President Obama’s administration as the deputy director of communications for the Department of the Interior. Following her move to the National Security Council, she’s made sure to voice the commitment to the collective defense of the NATO alliance.
