Confirmed: Sale of SVB Assets to First Citizens Bank Includes Wine Division

Silicon Valley Bank (SVB) has been acquired by North Carolina-based First Citizens Bank, according to a March 27 Federal Deposit Insurance Corporation (FDIC) press release. The purchase includes all of SVB’s U.S. departments — including the bank’s significant wine division, per the wine department founder and executive vice president (EVP) Rob McMillan.

In a March 27 email, McMillan shared details of the acquisition with VinePair:

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