First Citizens Buys Silicon Valley Bank After Run on Lender

Posted on AllSides March 27th, 2023
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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,...

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