First Citizens Purchases Silicon Valley Bank
First Citizens BancShares Inc (NASDAQ: FCNCA) agreed to purchase the troubled Silicon Valley Bank.
What Happened: The Raleigh, North Carolina-based First Citizens agreed to a deal to purchase all deposits and loans of SVB, according to a statement issued by the bank.
First Citizens was among the two suitors vying for SVB, which was seized by federal regulators. The other was Valley National Bancorp (NASDAQ: VLY).
It was reported earlier that First Citizens was close to sealing the acquisition of SVB.
First Citizens Bank will additionally receive a line of credit from Federal Deposit Insurance Corporation, or FDIC, for contingent liquidity purposes, said the statement.
There is no clarity yet if First Citizens has acquired the private banking business of SVB.
Read Next: Regulator Knew Days Before SVB Collapse That $620 Billion In Losses Lurked In Financial System
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Posted-In: FDIC Federal Deposit Insurance Corporation First Citizens Silicon Valley Bank SVBNews