Silicon Valley Bank has been purchased by First-Citizens Bank, the FDIC announced Sunday night.
The FDIC made it official just about an hour ago. The new owner is North Carolina-based First Citizens Bank.
The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday.The regulator says the purchase price was $72 billion, discounted by $16.5 billion. & Trust Company that systems conversions have been completed to allow full-service banking at all of its other branch locations.
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