First Citizens Buys Silicon Valley Bank After Run on Lender
Posted on AllSides March 27th, 2023
From The Left
Bloomberg
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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