Silicon Valley Bank sold to First Citizens in government-backed deal - The Boston Globe

The Federal Deposit Insurance Corp. seized control of Silicon Valley Bank on March 10, after a run on deposits left it insolvent, making it the country’s largest bank failure since the 2008 financial crisis. The FDIC has since been looking for a buyer for the bank, which was the country’s 16th largest when it collapsed. First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, said on Sunday that it would acquire Silicon Valley Bank, the California lender founded in the 1980s at...