First Citizens BancShares to acquire failed Silicon Valley Bank
Posted on AllSides March 26th, 2023
From The Left
First Citizens BancShares will buy the deposits and loans of failed lender Silicon Valley Bank, the Federal Deposit Insurance Corporation said late Sunday. North Carolina-based First Citizens will take over all 17 former branches of Silicon Valley Bank on Monday, the announcement said. First Citizens is also buying around $72 billion in assets at a discount of $16.5 billion from Silicon Valley Bank. Santa Clara-based Silicon Valley Bank had around $167 billion in total assets and around $119 billion in total deposits as of March 10. The FDIC will continue...
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