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Marc Cadieux, Silicon Valley Bank president, pushed back hard on the idea that should inherit the business of SVB. He insisted that Silicon Valley Bank is alive and well — just under the new ownership of First Citizens.
“We never left,” he said on stage, expressing frustration with the “false narrative” about the bank’s demise and noting that 81% of the old bank’s clients had stuck around. “We’re doing all the same things, the same dollar amounts, across the same sectors,” he said, pointing to three billion in new loans during the last nine months of 2023.