BREAKING NEWS: FDIC says deal reached on purchase of Silicon Valley Bank
Independent Institute senior fellow Judy Shelton reacts to the banking failure and gives her take on the Fed's rate hikes on 'Making Money.'On Sunday, the Federal Deposit Insurance Corporation announcedof Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association.
"Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations," the statement continued.
Depositors of the Santa Clara, California-located bank will automatically become depositors of First–Citizens Bank & Trust Company, according to the statement, and all deposits will be assumed and insured by First–Citizens Bank & Trust Company, up to the insurance limit. Federal Deposit Insurance Corporation building is seen in Virginia, United States on March 17, 2023.
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