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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