FDIC says First Citizens Bank has reached deal to purchase Silicon Valley Bank

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 First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations," the statement continued.

Depositors of the Santa Clara, California-located bank will automatically become depositors of First–Citizens Bank & Trust Company, according to the statement, and all deposits will be assumed and insured by First–Citizens Bank & Trust Company, up to the insurance limit.