FIRST CITIZENS REPAYS $8 BILLION SVB DEBT

First Citizens BancShares ($FCNCA) repaid $8 billion on the note it owes from its 2023 acquisition of Silicon Valley Bank, even as profit slipped for the quarter. Adjusted earnings per share fell to $55.37 from $57.09 in the prior quarter, and GAAP net income dropped to $606 million from $672 million. The bank countered the decline by authorizing a new $1.2 billion buyback program running through 2027.