FDIC says First Citizens Bank has reached deal to purchase Silicon Valley Bank
Posted on AllSides March 27th, 2023
From The Right
REUTERS/Dado Ruvic/Illustration
The Silicon Valley Bank finally has a buyer.
On Sunday, the Federal Deposit Insurance Corporation (FDIC) announced First-Citizens Bank & Trust Company of Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association.
"The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023," the FDIC said in a statement.
"Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from...
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