The deal will see First Citizens Bank purchase approximately $72 billion of SVB assets at a discount of $16.5 billion.
First Citizens shares jumped more than 40% during morning trading on Wall Street.
"In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million," the FDIC said in a release. First-Citizens Bank & Trust Company is a subsidiary of First Citizens BancShares. "The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023," the FDIC statement said Monday. First-Citizens Bank & Trust Company is a subsidiary of First Citizens BancShares.
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