Investors Seek Billions From SVB's Husk. Why Regulators Refuse to Pay [BNN Bloomberg (Canada)]
First Citizens BancShares, Inc. - Class A (FCNCA)
US:NASDAQ Investor Relations:
firstcitizens.com/about/who-we-are/annual-report
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Source: BNN Bloomberg
Now, in the ensuing legal fight, the Federal Deposit Insurance Corp. is nearing a high-stakes court ruling that could force the regulator to describe how it crafted an announcement that left it exposed to paying $2 billion from its main insurance fund. The money would go to the failed bank's bankrupt parent and onward to creditors, at the expense of other big US banks. At the center of the case is the FDIC's emergency declaration last March that “all depositors of the institution will be made whole,” even if they were uninsured. One of the biggest turned out to be SVB's parent, SVB Financial Group, whose stock and bond prices had collapsed. If the FDIC is forced to fork out the $2 billion, some of the parent's creditors stand to make a bundle. Recipients would include Pacific Investment Management Co., King Street Capital Management, Hudson Bay Capital Management, Appaloosa Management, Centerbridge Partners and Silver Point Capital, filings show. But the agency has refused to p
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FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 5/7/24 - Form 4
- 5/6/24 - Form 8-K
- 4/30/24 - Form 4
- FCNCA's page on the SEC website