First Citizens Buys Silicon Valley Bank After Run on Lender
First Citizens BancShares Inc. agreed to buy Silicon Valley Bank, which was seized by regulators following a run on the lender.
The bank agreed to take on all deposits and loans, a deal that includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion, according to a statement from the Federal Deposit Insurance Corp. The agency took control of the bank after SVB collapsed earlier this month.
About $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC,...