Dive Brief:
- First Citizens Bank is scrapping the Silicon Valley Bank name to better align its brand names, the Raleigh, North Carolina-based bank said Thursday.
- Changes will occur in the fourth quarter of this year. Silicon Valley Bank will rebrand to First Citizens Innovation Banking, and SVB Global Fund Banking will be renamed First Citizens Fund Banking, First Citizens said.
- Additionally, CIT Commercial Services, which provides working capital financing, and the Silicon Valley Bank Wine division will rebrand as First Citizens Bank, the lender said.
Dive Insight:
After a couple of acquisitions, the $236 billion-asset lender now seeks to harmonize its brand names.
First Citizens merged with New York-based CIT in 2022, creating a bank with about $110 billion in assets. The following year, First Citizens bought much of SVB, effectively doubling in size. The bank assumed $110 billion in assets, $56.5 billion in deposits and $72 billion in loans from the failed regional bank. Since then, the unit has been operating as “Silicon Valley Bank, a division of First Citizens Bank.”
First Citizens said it retained SVB's team model, service focus and tailored products and services. “That is not changing,” said First Citizens CEO Frank Holding Jr. in Thursday’s news release.
“Our brand strategy is aligning with our business strategy and another sign of our long-term commitment to the innovation economy and the private equity sector,” he continued. “The experience we offer will stay the same. Only the names will change, and we continue to invest in our capabilities to make the experience for our clients even better.”
First Citizens was sued last year by SVB Financial Trust over its continued use of SVB trademarks, which it allegedly did not inherit when it acquired the bank. In a March 2025 federal court filing, SVB Financial Trust contended that First Citizens has been wrongfully using the SVB name, logo, domain name and “Make Next Happen Now.” First Citizens, however, said it did acquire the SVB brand assets.
That case is ongoing, with a jury trial scheduled for February 2027, although both parties have expressed interest in a pre-settlement planning conference, according to the court docket.
A First Citizens spokesperson said Thursday the move to drop the SVB name was not prompted by the lawsuit.
“Our long-term brand strategy decision is separate from the lawsuit, which we will not comment on,” the spokesperson said.
Attorneys for SVB Financial Trust didn’t immediately respond to a request for comment on the bank’s announcement.
First Citizens also said Thursday it plans to expand its commercial bank capabilities in cryptocurrency, payments and international banking this year.
