First Citizens to buy collapsed Silicon Valley Bank

First Citizens BancShares Inc will aquire all of Silicon Valley Bank’s deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the regulator.

A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California(REUTERS) The purchase by unit First–Citizens Bank & Trust Company includes the purchase of about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion, the FDIC said.

First Citizens has around $109 billion in assets and total deposits of $89.4 billion.

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