Silicon Valley Bank Has a Buyer

First Citizens Bank will acquire large chunk of failed SVB
By Evann Gastaldo,  Newser Staff
Posted Mar 27, 2023 1:26 AM CDT
Silicon Valley Bank Has a Buyer
FILE - Customers and bystanders form a line outside a Silicon Valley Bank branch location, Monday, March 13, 2023, in Wellesley, Mass.   (AP Photo/Steven Senne, File)

The Federal Deposit Insurance Corp. announced Sunday that a deal has been made for the acquisition of the collapsed Silicon Valley Bank. First Citizens Bank will buy SVB's deposits and loans; CNBC reports First Citizens is purchasing around $72 billion of SVB's assets at a discount of $16.5 billion. Another $90 billion in SVB assets is staying "in receivership for disposition by the FDIC," the statement says. All 17 of SVB's branches will open as First Citizens branches Monday, the Washington Post reports. (More Silicon Valley Bank stories.)

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