I was at a value investor conference in Vail, Colorado last week and the idea I decided to present was the regional bank First Citizens (FCNCA) that I discussed in our May 2023 Special Situations newsletter. The central thesis was:
i) The regional bank received a sweetheart deal from the FDIC to acquire Silicon Valley Bank. They also partnered with the FDIC coming out of the 2008-2009 Great Recession to buy troubled banks.