The FDIC announced late Sunday that North Carolina-based First-Citizens Bank & Trust Company will purchase all deposits and loans of Silicon Valley Bank.
SANTA CLARA -- The Federal Deposit Insurance Corporation on Sunday announced that North Carolina-based First-Citizens Bank & Trust Company will purchase all deposits and loans of Silicon Valley Bank., the 17 former branches of Silicon Valley Bank will open as First-Citizens Bank on Monday, March 27, 2023.
Silicon Valley Bank had about $167 billion in assets. Sunday's transaction included the purchase of about $72 billion of Silicon Valley Bank's assets at a discount of $16.5 billion. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.
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