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Banks

Financial Authorities Announce Buyer For Collapsed Silicon Valley Bank

View Source | March 27, 2023 10:50 am

  • The FDIC revealed in a statement that the 17 branches of Silicon Valley Bank will be operated by First Citizens Bank as soon as Monday, while all depositors will automatically become account holders at the company.
  • First Citizens Bank will purchase $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion, while $90 billion will remain with the FDIC.
  • “First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years,” said First Citizens Bank CEO Frank Holding.
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