First Citizens USA bought Silicon Valley Bank
First Citizens BancShares Inc. decided to buy the troubled Silicon Valley Bank, which was recently taken under control by US regulators, EXE News reported.
North Carolina-based First Citizens BancShares will assume all of Silicon Valley Bank's deposits and loans, the Federal Deposit Insurance Corp. (FDIC) announced. Under the purchase agreement, First Citizens will buy Silicon Valley Bank's assets, which would otherwise be worth $72 billion, for $16.5 billion. Silicon Valley Bank's securities and other assets remain in the custody of the FDIC.
First Citizens BancShares Inc. decided to buy the troubled Silicon Valley Bank, which was recently taken under control by US regulators, EXE News reported.
North Carolina-based First Citizens BancShares will assume all of Silicon Valley Bank's deposits and loans, the Federal Deposit Insurance Corp. (FDIC) announced. Under the purchase agreement, First Citizens will buy Silicon Valley Bank's assets, which would otherwise be worth $72 billion, for $16.5 billion. Silicon Valley Bank's securities and other assets remain in the custody of the FDIC.
08:22 AM - Mar 27, 2023
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