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First Citizens buys Silicon Valley Bank

SVBFirst Citizens buys Silicon Valley Bank.

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  • 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. 

Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis.

Silicon Valley Bridge Bank had approximately $167 billion in total assets and about $119 billion in total deposits as of March 10, per FDIC’s statement.

Read the original article on Business Insider
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