First Citizens Bank purchases SVB following collapse

Sold by FDIC

Silicon Valley Bank, which collapsed earlier this month following a bank run, has been bought by fellow US regional bank First Citizens Bank.

The North Caroline based bank purchased SVB today (27 March) and will obtain all 17 former branches of SVB, the Federal Deposit Insurance Corporation said in a statement last night. SVB, which was reformed into Silicon Valley Bridge Bank, National Association, by the FDIC following a collapse of the lender, will see all of its depositors automatically become depositors of First Citizens. The bank has about $167bn in total assets and $119bn of total deposits, the FDIC said. Overall, $72bn of assets has been purchased in this deal, at a discount of $16.5bn. The remaining roughly $90b...