Growing 90%, Raleigh-Based First Citizens Buys Assets Of Silicon Valley Bank

Culture Clash much? The Federal Deposit Insurance Corporation (FDIC) sold a chunk of Santa Clara, Calif.-based Silicon Valley Bank to Raleigh, North Carolina-based First Citizens Bancshares. Here are the highlights: • The FDIC took over SVB on March 10 creating Silicon Valley Bridge Bank (SVBB) “after clients withdrew $42 billion in a single day,” according to CNN. • On March 26, the FDIC announced a deal to sell part of SVB to First Citizens, which ended 2022 with $111 billion in assets — a whopping 90% increase from the year...