Silicon Valley Bank bought by First Citizens, branches to reopen
The US Federal Deposit Insurance Corporation said the deal includes the purchase of about $72 billion worth of Silicon Valley Bank assets at a discount of $16.5 billion
Silicon Valley Bank’s 17 branches are to reopen following the troubled lender’s acquisition by First Citizens, a family-controlled bank based in Raleigh, North Carolina.
First Citizens entered into a purchase and assumption agreement for all deposits and loans of SVB, according to a statement from the US Federal Deposit Insurance Corporation (FDIC). The deal includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion, the FDIC said.
About $90 billion ...