First Citizens is acquiring $72B in deposits and loans from Silicon Valley Bridge Bank
First Citizens has agreed to buy a $72 billion chunk of Silicon Valley Bridge Bank, the California lender formerly known as Silicon Valley Bank that was taken over by the FDIC two weeks ago after depositors, in a crisis of confidence, made a run on it. SVB served as lifeblood to thousands of startups before its collapse, the biggest in U.S. banking in years, sent shockwaves through the financial sector.
Seventeen former branches of Silicon Valley Bank will open as First Citizens Bank later today, the FDIC said.
