First Citizens Buys Silicon Valley Bank

First Citizens, one of the nation's biggest regional banks, is acquiring all of failed Silicon Valley Bank’s deposits, loans and branches.

The Details: According to the Federal Deposit Insurance Corporation (FDIC), the 17 Silicon Valley Bank (SVB) branches will open Monday morning under the new ownership, and SVB depositors will automatically become First Citizens depositors. The purchase includes $119 billion in deposits and roughly $72 billion of SVB’s loans at a discount of roughly $16.5 billion. Another $90 billion of SVB’s securities will remain in receivership, a legal tool used to help depositors protect and recover money. The FDIC expects Silicon Valley Bank's failure to cost its Deposit Insurance Fund around $20 billion.

For Context: The government took control of SVB on March 10 after a run on the bank. The failure sparked panic among banks and depositors, with Signature Bank failing soon after. SVB and Signature are the second- and third-largest bank failures in U.S. history.

How the Media Covered It: Finance-focused sources across the spectrum highlighted the news as a top story Monday.