First Citizens Buys Silicon Valley Bank

First Citizens buys Silicon Valley Bank.Getty Images First Citizens BancShares has agreed to buy Silicon Valley Bank. The deal includes the purchase of about $72 billion of Silicon Valley Bridge Bank assets at a discount of $16.5 billion. Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis. First Citizens BancShares, the parent company of First Citizens Bank, has agreed to buy Silicon Valley Bank, according to a Sunday statement from the Federal Deposit Insurance Corp, or FDIC.The North Carolina-based First-Citizens Bank & Trust Company entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bank, according to the statement.The deal includes the purchase of about $72 billion of Silicon Valley Bridge Bank assets at a discount of $16.5 billion.

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