First Citizens CEO Sought More Bank Acquisitions
The bank's leader is pursuing new targets after utilizing direct, cold-call outreach to secure prior merger deals.
Updated on Sept. 21, 2026 in Business Strategy
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First Citizens BancShares CEO Frank Holding Jr. is targeting additional bank acquisitions to continue the firm's growth trajectory. The strategy follows the company's 2023 purchase of Silicon Valley Bank.
Why it matters
The CEO's acquisition strategy relies on direct outreach to rival leadership and leverages his family's significant ownership stake to execute deals. This approach allows the organization to pursue scale outside of traditional competitive bidding processes.
The Holding family controls a 23% stake in First Citizens BancShares Inc., a position that anchors the CEO's ability to drive acquisition strategy. The firm notably expanded its market footprint in 2023 with the acquisition of Silicon Valley Bank.
The players
Frank Holding Jr.
Chief Executive Officer of First Citizens BancShares Inc. known for using direct, unconventional outreach to acquire financial institutions.
First Citizens BancShares Inc.
A U.S. banking institution that has used strategic acquisitions, including the purchase of Silicon Valley Bank, to scale its operations.
The details
Frank Holding Jr. initiates deal activity through direct, unmediated cold calls to target executives, such as his approach to former CIT Group leader Ellen Alemany. By leveraging the family's substantial ownership, the executive bypasses common bureaucratic hurdles in bank mergers. This model prioritizes personal executive engagement over reliance on investment banking intermediaries for deal sourcing.
Timeline
2023: First Citizens BancShares acquired Silicon Valley Bank.
Market Landscape
Frank Holding Jr.'s pursuit of new acquisitions follows the precedent set by the 2023 First Citizens BancShares acquisition of Silicon Valley Bank. This move signals a persistent strategy of scaling through consolidation despite broader regional banking volatility.
Operators should monitor the bank's future acquisition targets as indicators of regional consolidation trends. Firms in the sector should evaluate how direct executive-level outreach—rather than traditional procurement—may shorten deal timelines during potential buyouts.
The takeaway
Direct outreach to counterparty leadership can be a highly effective, low-cost method for securing major deals. Business owners should maintain lists of peers and competitors with whom they have established enough rapport to initiate high-stakes conversations on short notice.
Further reading
For more on industry expansion models, visit Business Strategy.
Source note: This article includes information reported by Bloomberglaw.
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