First Citizens Buys Silicon Valley Bank Assets -- and Regional Bank Stocks Rally 3/27/23
Squawk on the Street
CNBC
4.1 • 567 Ratings
🗓️ 27 March 2023
⏱️ 43 minutes
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| 0:00.0 | Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning, welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer, David Faber, post nine of the New York Stock Exchange. Future is pretty solid as Silicon Valley Bank finds a buyer for most of its assets, and these banking worries lessen a bit. |
| 0:25.6 | Two-year yield clause its way back to near 4% ahead of a busy week of housing and inflation data. |
| 0:26.4 | A roadmap's going to begin with bank shares getting that boost. |
| 0:28.8 | First citizens agreeing to acquire failed Silicon Valley bank assets. |
| 0:32.8 | Plus, Salesforce and Elliott make peace, the activist investor, dropping its director nomination plans. |
| 0:39.3 | And Tim Cook, well, he went to China, the Apple CEO praising China's innovation and the company's long ties to the region. |
| 0:47.3 | Let's begin with First Citizens, as we said, surging in the pre-market, giving a lift to regional bank shares as well after it agreed to acquire |
| 0:54.6 | SVB's assets, deposits, and loans. This is what the CEO of First Citizens said about the deal |
| 1:00.9 | earlier on Squawk. This is a remarkable transaction in partnership with the FDIC that should instill |
| 1:08.4 | confidence in our deposit system. And it's also a great example of where regulators and banks come together to protect depositors. |
| 1:18.6 | We have ample liquidity and capital in this marketplace. |
| 1:24.6 | And we're working with the FDIC, we both agreed that we had the strength and stability |
| 1:30.8 | to handle this transaction. |
| 1:33.6 | Jim, you called it a roadmap as we try to chip away at some of these issues. |
| 1:37.1 | Right, well, I think that there's the system needed to take a breath. |
| 1:41.3 | I mean, you really just sat here and you just said, okay, well, look, things are going far too fast. |
| 1:46.7 | And if we could just figure |
| 1:47.9 | out some banks, the banks, only 33% |
| 1:50.0 | of their deposits were insured. |
| 1:52.3 | But when you see the game, |
| 1:54.2 | what that says is, you know, David, |
| 1:56.1 | I mean, First Citizens |
... |
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