The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens.
North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.
The collapse of Silicon Valley Bank on March 10 prompted the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil. On March 12, New York-based Signature Bank was seized by regulators in the third-largest bank failure in the U.S. Mid-sized San Francisco-based First Republic Bank, which serves a similar clientele as Silicon Valley Bank and appeared to be facing a similar crisis, was in turn battered by investors worried that it, too, might collapse. That led 11 of the biggest banks in the country to announced a $30 billion rescue package.
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First Citizens Bank to buy Silicon Valley Bank deposits and loansBREAKING: First Citizens Bank agreed to buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday .
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FDIC announces First-Citizens Bank & Trust Company to purchase assets of Silicon Valley Bank | CNN Business
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Silicon Valley Bank purchased by First-Citizens Bank, FDIC saysSilicon Valley Bank has been purchased by First-Citizens Bank, the FDIC announced Sunday night.
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