Feb. 20 at 8:53 PM
First Citizens BancShares Inc. is exploring potential acquisition targets, including KeyCorp, as it seeks to surpass
$250 billion in assets, according to Bloomberg, citing people familiar with the matter.
The Raleigh, North Carolina–based bank has asked advisers to compile a list of possible deals to gain scale and better absorb regulatory and compliance costs. KeyCorp has been considered as part of that review. First Citizens has also held preliminary talks with regulators about pursuing a sizable acquisition, after the Federal Reserve lifted certain supervisory actions tied to prior issues.
Regulators remain focused on banking stability following the 2023 crisis that led to three bank failures, including Silicon Valley Bank, which First Citizens later acquired at a discount after a deposit run.
Spokespeople for KeyCorp, First Citizens, and the Federal Reserve declined to comment.
$KEY