Wed, Aug 14, 8:04 PM (153 days ago)
On August 14, 2024, First Citizens BancShares, Inc. filed a Form 8-K to revise historical financial information and disclosures from its 2023 Annual Report (Form 10-K). The revisions reflect changes in segment reporting implemented in Q1 2024. Key adjustments include the integration of private banking and wealth management from the Silicon Valley Banking (SVB) segment into the General Bank segment, which already encompassed wealth management activities. Additionally, the SVB segment has been renamed SVB Commercial, focusing on commercial clients in innovation markets and private equity. The Direct Bank segment was moved to Corporate, aligning with existing borrowings and brokered deposits. The revised disclosures encompass updates to the Business section, Management’s Discussion, and Financial Statements in the 2023 Form 10-K. The report does not reflect any events post-filing of the 2023 Form 10-K and should be considered alongside subsequent filings.