First Citizens Bank exec shuffles integrate SVB Private into wealth business

First Citizens Bank, around half a year after its acquisition of much of the fallen Silicon Valley Bank, is integrating what's left of SVB Private into its own wealth business. 

The Raleigh, North Carolina-based regional bank, which bought a failed SVB back in March during the spring banking crisis, has announced a leadership overhaul that combines executives from SVB's private banking and wealth management unit and First Citizens' wealth business. 

First Citizens Wealth Executive Director Michael Wilson, who led the growth of that unit for a decade, will also take over leadership of SVB Private, according to a press release Wednesday. The new group will serve high net worth clients and tech executives with comprehensive financial advice as well as private and commercial banking. 

Wilson now oversees about 900 associates helping manage more than $50 billion for clients. 

"Our objective is always to put clients first with the high-touch, personalized customer service that has long been our hallmark," Wilson said in the release. 

Other changes, according to the press release, include: 

• Brent Ciliano, a First Citizens executive, will be the chief investment officer.
• Marc Horgan, a First Citizens Wealth executive, will oversee personal wealth sales.
• Robert Nentwig, an SVB Private executive, will lead private banking and lending.
• Nerre Shuriah, a First Citizens executive, will lead wealth planning.
• Phillip Strickland, a First Citizens executive, will lead institutional sales.
• Gerald Baker, an SVB Private executive, will lead personal trust services.
• Steve Gilland, a First Citizens executive, will focus on private banking operations and integration.
• George Shehata, an SVB Private executive, will head up strategy.
• David Biliter, a First Citizens executive, will oversee investor services. 

"With our acquisition of SVB Private, it is logical and appropriate to bring our wealth and private banking activities together under a unified leadership structure," Hope Holding Bryant, First Citizens' vice chairwoman and the lead executive for its General Bank, which includes the Wealth group, said in the press release.

"I am confident this approach will accelerate our ongoing efforts to support institutions, families and individuals with the personalized service and resources they need to grow, manage and preserve their wealth," Holding Bryant said. 

A spokesperson for First Citizens said in an email that the bank was unable to immediately respond to questions about the news and about the AUM of SVB Private.