Initial reactions glowing as Raleigh’s First Citizens buys Silicon Valley Bank

The Triangle’s largest bank is making national headlines with its recent purchase of one of the most famous — or infamous — banks in the country. Late Sunday, Raleigh-based First Citizens Bank entered an agreement with the federal government to buy all the deposits and loans of the former Silicon Valley Bank, a tech-focused financial institution which collapsed on March 10. First Citizens is using company stock worth up to $500 million to complete the purchase, according to the Federal Deposit Insurance Corporation (FDIC), which has managed Silicon Valley since...