- First Citizens Bank & Trust Co will buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, just over two weeks after the biggest U.S. banking collapse since Lehman Brothers.
- The deal will see First Citizens Bank purchase around $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion.
- A further $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”
- The U.S. Federal Deposit Insurance Corporation transferred all SVB deposits and assets into a new “bridge bank” earlier this month in an effort to protect depositors of the failed lender.
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Bad Bank Rescued: FDIC Says First-Citizens Bank Will Acquire Silicon Valley Bank
FDIC Says First-Citizens Bank Will Acquire Silicon Valley Bank
