FDIC: First Citizens Bank to acquire Silicon Valley Bank

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FILE - The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on March 13, 2023. The Federal Deposit Insurance Corp. says First Citizens will acquire much of Silicon Valley Bank, whose collapse has rattled the banking industry (AP Photo/Damian Dovarganes, File) (Damian Dovarganes, Copyright 2023 The Associated Press. All rights reserved.)

NEW YORK – The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday.

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.

The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history.

Source: www.clickorlando.com

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