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Jeff Schmid: Best Approach for SVB Acquisition

March 2023

Jeffrey R. Schmid, President and CEO of SW Graduate School of Banking Foundation, shares the best approach for SVB Acquisition.

That’s what First Citizens should prioritize in the early stages of the acquisition, says Jeff Schmid, president and CEO of the Southwestern Graduate School of Banking Foundation, headquartered at SMU’s Cox School of Business.
“We bought a large, failed bank in Phoenix back in 2008,” says Schmid, recalling his earlier career as a bank examiner at FDIC. “The number one thing you want to do is find the smart people in that place. You don’t build a bank without having some smart folks. And also communicate quickly to try and retain the best clients.”
He continues, “First Citizens says they’re a good relationship bank. And so that means really understanding who was leading the bank on the client side.” The bank has to identify the best parts of a franchise that’s over 30 years old, he says. “So you really want to focus on the best pieces.”

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