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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htan@insider.com (Huileng Tan), Business Insider
Sun, 03/26/2023 - 10:47pm
Topics: getty images federal deposit insurance corp north carolina-based first-citizens trust company silicon valley deposit insurance fund firstcitizens march svb's global fund frank b holding jr ceo california northeast svb's private wealth first citizens bancshares inc business insider citizens silicon valley bank first citizens bancshares silicon valley bridge march first citizens citizens first citizens fdic us first citizens first citizens bancshares billion assets statement capital purchase run shut includes deposits agreed regulators deal discount statement.the approximately total equity stock cost transaction
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