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☆ First came the accusations of rape. Now 3 owners of the Alexander brothers' beleaguered brokerage firm are jumping ship.
▼ + stars: | 2024-08-12 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

At the center were cofounders Tal and Oren Alexander, sibling dealmakers who were known for selling some of the country's most exclusive and expensive homes. But accusations of rape against the brothers in recent months have resulted in an existential crisis for the company. An attorney for Tal Alexander has sought to dismiss the case against him. In the immediate aftermath of the accusations, the brothers announced they would take a leave from Official. Official has used the brokerage services company Side to provide it with back office support and to hold its brokers' licenses.

Persons: —, cofounders Tal, Oren Alexander, dealmakers, Nicole Oge, Richard Jordan, Andrew Wachtfogel, Alexander, Tal, Oren, Oge, Richard, Andrew, Alon Alexander, Alon, Tal Alexander, James Cinque, Nicole, Tyrone McKillen Organizations: Service, Partners, Business, The New York Times, Gabbana Locations: Oge, The, The Raleigh, Miami Beach, Los Angeles

☆ As litigation flares against Michael Shvo's property empire, his German backers feel the heat
▼ + stars: | 2024-07-29 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

This story is available exclusively to Business Insider subscribers. Advertisement"For no reason, I felt targeted in a very toxic and vulgar way," Goodman previously told Business Insider. In a previous response to Business Insider, Shvo said he had no recollection of that call. The Goodmans also named the Mandarin Oriental hotel brand as a defendant, stating that 685 Fifth Avenue's "service standards are severely lacking and in no way Mandarin Oriental caliber." A spokeswoman for Mandarin Oriental did not immediately respond to a request for comment.

Persons: —, Michael Shvo, Shvo's, Shvo, Shvo –, John Goodman, Diane, Belinda Burgmeier, Burgmeier, Goodman, Jennie Enterprise, Enterprise, Serdar, Bilgili, BVK, Rainer Komenda Organizations: Service, Business, Universal Investment, Deutsche Finance, Core, Shvo, BVK, Core Club, Bilgili, San Locations: Manhattan, New York, Munich, San Francisco, Milan, Italy, Turkish, BVK, Wabash, Chicago, Shvo, Raleigh, Los Angeles

☆ Star luxury broker is leaving firm shaken by rape allegations against Alexander brothers
▼ + stars: | 2024-07-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. McKillen said he hadn't formally parted ways with the New York firm but was arranging his exit. He said that eight brokers who worked with him at Official would remain with Plus in its breakaway from the firm. Shortly afterward, news broke that a third woman alleged in a New York civil case filed that month that Tal and Alon Alexander raped her in 2012 as Oren Alexander watched. AdvertisementIn a response to the lawsuit against him, Tal Alexander said his accuser's claims were "fabricated allegations for financial gain."

Persons: —, Tyrone McKillen, McKillen, hadn't, Nicole Oge, Tal, Oren Alexander, Alon, Alon Alexander, Tal Alexander, Oge, Oren, Michael Shvo, John Hudak, Beyoncé, Tyrone, Richard Jordan Organizations: Service, Partners, New, Business, Group, Raleigh, Bel Air Locations: Los Angeles, New York, Miami, Miami Beach

☆ Tree removal at North Carolina church unearths centuries-old artifacts
▼ + stars: | 2024-07-07 | by ( Sydney Bishop | ) edition.cnn.com time to read: +5 min

Cenci’s two passions coincided when a plethora of centuries-old items were found June 20 in the yard of Christ Episcopal Church in Elizabeth City, North Carolina, where Cenci has served as rector since 2019. Excavation work is seen at Christ Episcopal Church in Elizabeth City, North Carolina. Daniel Cenci speaks at Christ Episcopal Church in Elizabeth City, North Carolina. His daughter Charlotte was married in the Episcopal church in 1833, according to church records and as posted by Lowry on Facebook. Part of a wine bottle from France was excavated from the site at Christ Episcopal Church in Elizabeth City, North Carolina.

Persons: Daniel Cenci, Cenci, WTKR, ” Cenci, ” Cinci, Michele Walker, Ian Lowry, Robyn Nix, Sam Moncla, George Davis, Charlotte, Lowry, Davis, ” Lowry, “, Nix, “ We’re, ” Organizations: CNN, Episcopal, North, North Carolina Office, Raleigh, WTKR, North Carolina Department of Natural, Cultural Resources, Episcopal Church, Facebook Locations: Elizabeth City , North Carolina, North Carolina, Greenville, wasn’t, Pasquotank, France, China

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threaten to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

☆ Biden and Harris team up for a rare joint appearance in North Carolina to take on GOP over health care
▼ + stars: | 2024-03-26 | by ( Arlette Saenz | Tami Luhby | ) edition.cnn.com time to read: +10 min

It’s taking place on the heels of a campaign push slamming Trump for threatening to repeal the Affordable Care Act if he’s elected to a second term. Dunn argued the GOP plan shows “the Affordable Care Act is still very much under attack by Republican officials.”In contrast, Biden and Harris are expected to highlight the success of the Affordable Care Act and discuss efforts to expand access to health care and lower prescription drugs costs. Biden’s team also hopes the popularity of the Affordable Care Act and proposals to lower health care and prescription drug costs will resonate with voters at the ballot box. More than 45 million people in total have gained coverage through the Affordable Care Act, according to the Biden administration. Roy Cooper had advocated for the Affordable Care Act provision for years, finally convincing the Republican-led legislature to drop its long-standing opposition.

Persons: Joe Biden, Kamala Harris, Donald Trump, mifepristone, Tuesday’s, It’s, Trump, “, Biden, Harris, ”, Anita Dunn, he’s, Dunn, Roy Cooper, Josh Stein, Mark Robinson, Cooper Organizations: Washington CNN, Raleigh, Democratic, Trump, Marist, Union, Republican, Affordable, White, What’s, American, Children’s Health Insurance, Medicare enrollees, Medicare, Medicaid, Democratic Gov, GOP, Senate, Gov Locations: North Carolina, Pennsylvania, Georgia , Wisconsin , Michigan, Nevada, Arizona, New Hampshire, Texas, Southern, Georgia, South Dakota, Florida, Kansas, Mississippi

☆ Trump-Ally With History of Antisemitic Remarks Could Be North Carolina's Next Governor
▼ + stars: | 2024-03-05 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

But Robinson's history of antisemitic and other derogatory remarks would loom over his gubernatorial campaign. But his history of antisemitic comments and other derogatory remarks would loom over the race. AdvertisementAs The Washington Post stated, Robinson's history of offensive comments "stand out even in Trump's party." At the time of his election, the Republican Jewish Coalition called Robinson's history of remarks "clearly antisemitic." While many of his remarks were made before he was elected, Robinson made that statement while in office.

Persons: Mark Robinson, Donald Trump, Robinson, —, Martin Luther King, Roy Cooper, Josh Stein, Hitler, Marvel's, Friedrich Engels, Karl Marx, We've, Rothschild, It's, He's, Michelle Obama, HuffPost, Taylor Swift, Bill Cosby, Nixon, Trump, Stein, Pat McCrory's, Republicans hadn't, outraised Robinson Organizations: Gov, GOP, Service, Greensboro City, Democrats, Democratic, Washington Post, Facebook, Israel, Raleigh News, Observer, Republican Jewish Coalition, CNN, Kent State, Politico, Republicans Locations: Carolina, North Carolina, Greensboro, Nazi, Solidarity

☆ A 79-year-old and her 86-year-old husband moved from New York to a retirement community in North Carolina. They're more social, but services in the area are lacking.
▼ + stars: | 2024-02-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

It’s allowed them to be more social and take life easier, though it has taken some time to adjust to North Carolina. The cost of living was not a major consideration, though they figured North Carolina would be comparably cheaper. They paid about $600,000 for the 2,400-square-foot home in North Carolina with three bedrooms and three bathrooms. She’s noticed the food in North Carolina is not as fresh, with smaller produce sections and lots more frozen and pre-prepared foods. She added that there’s also a tax on grocery food in North Carolina and none in New York, and she estimates she’s paying more in North Carolina on groceries.

Persons: —, Linda Beyer, It’s, “, ” Beyer, there’s, ”, York Beyer, Beyer, “ It’s, we’re, hasn’t, we’ve, it’s Organizations: Service, Raleigh, Business, Bureau, Survey, New York, York, IBM, Rotary Club, Duke University Hospital Locations: New York, Hudson, Durham, North Carolina, New York State, Poughkeepsie, Ohio, Washington, Carolina, “, Virginia

☆ America's Zoomtowns Face a Growing Housing, Traffic, Culture Crisis
▼ + stars: | 2024-01-24 | by ( Emily Cataneo | ) www.businessinsider.com time to read: +18 min

We're transitioning from a sleepy capital city into a midsize-to-major city," Jonathan Melton, a member of Raleigh's City Council, told me. The first wants to solve the problem of too little housing by, well, building more housing. But Melton and the YIMBYs' vision rankled some Raleigh residents who eventually started to push back on what they considered extreme pro-development policies. The new buses seem like a great idea, but as with all these changes, residents are worried that the route will have unintended consequences. It's worth noting, too, that most Raleigh residents, even those who oppose the current pace of development, point to some positives.

Persons: Raleigh, I've, Jonathan Melton, Zillow, Raleighites, We're, Frank Hielema, Hayes, Barton, Margie Case, Hayes Barton, Kesha Monk, Monk, who've, she'd, they'd, shudder, Adam Terando, Terando, Melton, that'll, Shaw, she's, Case, there's, There's Organizations: Raleigh's City Council, Council, Raleigh, Public, Shaw University, Raleigh City Council, New, Seaboard Station, Seaboard, City Council Locations: Raleigh , North Carolina, Southern, Wake County, Raleigh, Oaks, Raleigh's, Melton, Hayes Barton, Hayes, Hielema, Biltmore, New York, Los Angeles, San Francisco, Vermont, Austin, Cleveland, Scottsdale , Arizona, Wake, New Bern, downtown Raleigh, New York City, downtown that's

☆ Fed’s Barkin: March rate cut isn’t out of the picture. ‘You make the call when you get to the meeting’
▼ + stars: | 2024-01-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The positive economic developments as well as Fed officials’ forecasts for at least three rate cuts this year had investors eying a March pivot. Meanwhile, Barkin — who will also be voting on Fed policy decisions at meetings this year — isn’t ruling March out entirely. For Barkin, “the breadth of inflation settling” and “the consistency of inflation settling” matter in his evaluation of whether the inflation rate is approaching the Fed’s target. Unlike many Fed officials, Barkin does not have a PhD in economics but has an MBA and a law degree. Investors will be paying close attention to any hints of the timing of rate cuts in the central bank’s latest statement and Fed Chair Jerome Powell’s press conference.

Persons: Tom Barkin, Barkin, eying, Christopher Waller, “, Loretta Mester, Barkin —, isn’t, ” Barkin, ”, ” ‘ There’s, John Williams, Jerome Powell, Williams, “ There’s, Jerome Powell’s Organizations: New, New York CNN, Richmond Federal, CNN, Fed, Cleveland Fed, FactSet, Richmond Fed, McKinsey, ” New York Fed, Raleigh Chamber of Commerce, That’s Locations: New York

☆ I earn a living wage at a bar so I don't have to rely on tips. I'll never work any other way.
▼ + stars: | 2023-10-06 | by ( Elle Hardy | ) www.businessinsider.com time to read: +4 min

Karla Gonzalez is a server and bartender at a champagne bar in North Carolina that pays $18 an hour. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementBefore working at RBF, I worked retail jobsI had never worked at a bar or at a restaurant before. Now, I'll only ever work for a living-wage modelHaving experienced this way of working, I'm not going back. The bar is full of people who are happy to be there, and that's the kind of environment I want to work in.

Persons: Karla Gonzalez, they're, —, I've, Tiffany Welton, I'm Organizations: Service Locations: North Carolina, Raleigh , North Carolina, Salvadoran, New York, RBF

RALEIGH, N.C. – The 2024 election promises to feature several major battlegrounds, but for sheer breadth of competitive contests, North Carolina next year will be hard to beat. Recent presidential contests in North Carolina have been close: In 2020, Donald Trump won North Carolina by about 74,000 votes out of more than 5.5 million cast. In other words, in 2024, North Carolina will be one of the centers of the political universe – important in part because it’s a uniquely competitive state. “North Carolina has proved to be a purple state, but not necessarily a swing state,” says Cooper, the political scientist. For the better part of two decades, Georgia, like North Carolina, had voted consistently Republican in key federal races – until 2020.

Persons: Donald Trump, Tricia Cotham, Roy Cooper, Cooper, Josh Stein, Mark Robinson, Stein, Robinson, ”, Chris Cooper, Kay Hagan, Barack Obama, Jon Ossoff, Raphael Warnock, Biden, Warnock, Republican George W, Bush, Gore, Charlotte don’t, Al Gore, Charlotte, “ There’s, “, Mac McCorkle, Rachel Salzberg, Carolina’s Cooper, don’t, Anderson Clayton, ” Anderson, –, Rob Schofield, Clayton, Ferrel Guillory, Robinson doesn’t, Dale Folwell, Mark Walker, Andy Wells, Jesse Thomas, he’s, Michael Bitzer, sidestepped Cooper’s, Robinson’s, McCorkle, ” John Hood, John William Pope, ” Hood, Trump Organizations: North, North Carolina, GOP, Democrat, Republican, Democratic Gov, Democratic, Gov, UNC, Duke, Western Carolina University, Republicans, Atlanta, Biden, Carolina’s, Trump, Georgia –, state’s, of Science, Technology, Innovation, Duke University's Sanford School of Public Policy, Democratic Party, Appalachian State University, The Washington Post, Senate, University of North, Dartmouth, Harvard, Catawba College, “, Affordable, John William Pope Foundation Locations: RALEIGH, N.C, North Carolina, “ North Carolina, Carolina, Georgia, Atlanta, Carolina’s Raleigh, Durham, Wake, Raleigh, Cary, Charlotte, Mecklenburg County, Atlanta’s, Texas, Mecklenburg, North Carolina’s, Clayton, Union County, University of North Carolina, Chapel Hill

☆ With a world-class workforce and a booming economy, North Carolina repeats as America's Top State for Business in 2023
▼ + stars: | 2023-07-11 | by ( Scott Cohn | ) www.cnbc.com time to read: +6 min

North Carolina Gov. North Carolina ranks first in the all-important Workforce category of CNBC's study. Strong workers fuel GDP, solid state finances North Carolina's strong workforce helped feed its performance in other categories. "It's clear that the Republican legislature is aiming to choke the life out of public education," Cooper said on May 24. Abortion rights demonstrators gather to protest in Raleigh, North Carolina, after the Supreme Court's decision in the Dobbs v. Jackson Women's Health case, June 24, 2022.

Persons: Bosch, Roy Cooper, Joe Biden's, Melissa Sue Gerrits, Josh Wright, Charlotte, it's, You've, Wright, Cooper, Tricia Cotham, Cotham Organizations: State, Business, North Carolina, CNBC, North Carolina Gov, Getty, Apple, Triangle, Democrat, Raleigh, U.S . Labor Department, Commerce Department, Federal Housing Financing Agency, Census, ATTOM Data, Technology, Innovation, Capital, Republican, Republicans, General, Jackson, Anadolu Agency Locations: North Carolina, Lincolnton, Greensboro, Goldsboro, American, Durham, Wolfspeed, Durham , North Carolina, East Coast, America, Alaska, Massachusetts, North, Raleigh , North Carolina, Dobbs

☆ Advance Auto Parts shares plummet 30% after dismal results, cuts to outlook and dividend
▼ + stars: | 2023-05-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Shares of Advance Auto Parts plummeted roughly 30% during early trading Wednesday after the company's fiscal first-quarter earnings significantly missed Wall Street's expectations and executives slashed the retailer's yearly guidance and quarterly dividend. The Raleigh, North Carolina-based auto parts supplier blamed its dismal results and bleaker outlook on higher-than-expected costs for its professional sales, inflationary pressure, supply chain problems and an unfavorable product mix. Its quarterly revenue of $3.42 billion slightly missed expectations of $3.43 billion. Shares of other auto parts suppliers such as O'Reilly Automotive and AutoZone were also lower Wednesday. However, some Wall Street analysts believe Advanced Auto Parts' problems could be more operational than industrywide.

Persons: Refinitiv, Tom Greco, Oppenheimer, Brian Nagel Organizations: Advance, O'Reilly Automotive, O'Reilly Auto Locations: Raleigh, North Carolina

☆ First Citizens BancShares records $9.8 bln gain from Silicon Valley Bank purchase
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - First Citizen BancShares Inc (FCNCA.O) on Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March. The windfall helped drive a surge in its profit to $9.50 billion, or $653.64 per share, for the three months ended March 31 from $264 million, or $16.70 per share, a year earlier. The Raleigh, North Carolina-based lender's first-quarter deposits stood at $140.05 billion, also rising nearly 57% from the end of last year. More than a third of those deposits came from Silicon Valley Bank, which First Citizens had scooped up with the backing of U.S. regulators. Reporting by Siddarth S in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

CNN —Disgraced R&B singer and convicted sex trafficker R. Kelly has been transferred to a federal prison in North Carolina. R. Kelly, whose full name is Robert Sylvester Kelly, was moved to FCI Butner Medium I, a “medium security federal correctional institution,” according to the Federal Bureau of Prisons website. The Butner complex sits north of the Raleigh-Durham area and includes two medium security facilities, a low-security facility and a medical facility. He was already serving a 30-year sentence on racketeering and sex trafficking charges after being convicted in New York in September 2021. “Numerous seated jurors were either familiar with accusations that Defendant had a history of sexually abusing underage girls, had previously faced legal problems, and/or had seen the highly unflattering docuseries, Surviving R. Kelly, in which several government witnesses had appeared,” a brief filed last Wednesday said.

☆ First Citizens Won the SVB Auction. Can It Win Over SVB’s VC and Startup Clients?
▼ + stars: | 2023-04-12 | by ( Marc Vartabedian | ) www.wsj.com time to read: 1 min

While First Citizens Bancshares Inc. may not have the record of Silicon Valley Bank in serving the startup ecosystem, venture capitalists and entrepreneurs who are familiar with the Raleigh, N.C.-based bank say its emphasis on customer relations fits well with SVB’s flexible approach to serving clients. Venture and startup players had wondered about the fate of SVB since the Federal Deposit Insurance Corp. took ownership of it in March and put it up for auction. First Citizens has since taken on most of the assets and liabilities...

☆ People are moving to North Carolina for its natural beauty and country vibes, but finding it doesn't offer a lower cost of living or diversity
▼ + stars: | 2023-04-01 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

She and her family considered places like Tennessee and Florida , but ultimately chose North Carolina because of its hands-off government and lush scenery. Five recent movers highlight what stands out about North Carolina, from its natural scenery to its lack of diversity. One thing she's had to get used to in North Carolina is the lack of diversity in food. An Ohio man liked North Carolina so much he moved there twiceJohn Yuschak first dipped a toe in North Carolina in 2012 after moving from Columbus, Ohio. They were pleased with the four seasons North Carolina has to offer, but anticipated higher savings.

☆ First Citizens Bank, the buyer of SVB's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008
▼ + stars: | 2023-03-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Citizens Bank, the company that bought the assets of SVB, is run by a family with a wealth of experience buying failed banks. Forbes looked at the billionaire family that's guided First Citizens' purchase of more than 20 small banks since 2008. First Citizens will be among the largest 20 banks in the US with the SVB deal. Its purchases of failed banks include First Regional Bank and Temecula Valley Bank in California and Denver-based United Western Bank. Its assets jumped from $109 billion just before the SVB deal and have increased from $16.7 billion at the end of 2008.

March 30 (Reuters) - Walmart Inc (WMT.N) was sued on Thursday by the U.S. Equal Employment Opportunity Commission (EEOC), the agency's second lawsuit this week accusing the largest U.S. retailer of discrimination against workers with disabilities. The lawsuit was filed three days after the EEOC sued Walmart for firing Adrian Tucker, a deli worker in a Statesville, North Carolina store, because she had too many "unauthorized" absences related to her Crohn's disease, an inflammatory bowel condition. Both lawsuits accused Walmart of violating the Americans with Disabilities Act, and sought back pay and punitive damages. The case is EEOC v Wal-Mart Stores East LP, U.S. District Court, Eastern District of North Carolina, No.

☆ First Citizens Adds to Its Collection of Failed Banks With SVB Purchase
▼ + stars: | 2023-03-27 | by ( Ben Eisen | Rachel Louise Ensign | ) www.wsj.com time to read: 1 min

A fast-growing North Carolina lender with a history of buying failed banks is taking on its largest challenge yet with its purchase of Silicon Valley Bank. First Citizens BancShares Inc.’s acquisition of the bulk of SVB’s assets will effectively double the size of the 125-year-old lender, which for most of its history was controlled by one family and operated mainly in North Carolina. The Raleigh-based bank, which had $42 billion in assets three years ago, will have $219 billion after the SVB deal.

☆ First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

First Citizens Bank agreed to buy most of Silicon Valley Bank on Sunday. The Raleigh, NC-based bank has taken over 17 branches of SVB, $119 billion of its deposits and $72 billion worth of loans. Here's everything you need to know about the latest twist in the US's regional banking turmoil. First Citizens Bank has agreed to buy SVB, according to a statement released on Sunday by the Federal Deposit Insurance Corporation. It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.

☆ Stocks making the biggest midday moves: Coinbase, First Citizens, Roku and more
▼ + stars: | 2023-03-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

First Citizens BancShares — The Raleigh, NC-based bank soared 50% after agreeing to buy Silicon Valley Bank's deposits and loans. Roku — Shares of the media platform jumped more than 4% after Susquehanna upgraded it to positive from neutral. The Wall Street firm said it continues to see Roku as "a prime beneficiary of the secular shift of linear budgets." It reaffirmed revenue of $2.95 billion to $3 billion, compared to $3 billion expected by analysts, per StreetAccount. Marqeta — The payments stock jumped nearly 10% after Wolfe Research upgraded it to outperform from peer perform.

☆ First Citizens Bank jumps 50% after deal to acquire assets of collapsed Silicon Valley Bank
▼ + stars: | 2023-03-27 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

First Citizens Bank stock jumped as much 50% in Monday's trading session. The surge follows news that First Citizens will acquire a large chunk of failed SVB's assets. The Federal Deposit Insurance Corporation (FDIC) said the Raleigh, North Carolina-based bank will acquire $72 billion worth of SVB assets at a $16.5 billion discount. SVB collapsed on March 10 after a bank run, sending shockwaves through global financial markets and steep sell-off in bank stocks on contagion concerns. "Financial conditions are likely to tighten, increasing the risk of an economic hard landing even if central banks ease off on interest rate hikes," Haefele said in a recent note.

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