Why Silicon Valley Bank Is About to Disappear—Again

First Citizens Bank is moving away from Silicon Valley.

The Raleigh, North Carolina-based financial institution said it is changing the name of Silicon Valley Bank to First Citizens Innovation Banking later this year.

SVB Global Fund Banking will be rebranded as First Citizens Fund Banking and the SVB Wine Division will take on the First Citizens Bank mantle.

CIT Commercial Services, part of First Citizens’ 2022 merger with the venerable financial holding company CIT Group, will also change its name to First Citizens Bank.

All four rebrands will take effect sometime in the fourth quarter, the company said.

“We will continue to provide our commercial banking clients with the service, sector expertise, relationship-based experience, and tailored solutions they value,” First Citizens said in a statement. “That is not changing.”

First Citizens nearly doubled in size when it acquired Silicon Valley Bank in 2023, less than three weeks after SVB became the second-largest bank to fail in U.S. history. (The biggest collapse: Washington Mutual in 2008.)