Tags: SVB banks fdic first citizen silicon

FDIC: First Citizens Bank to Acquire Silicon Valley Bank

FDIC: First Citizens Bank to Acquire Silicon Valley Bank

Monday, 27 March 2023 03:00 AM EDT

NEW YORK (AP) — The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday.

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.

The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history.

Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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- The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday. The...
SVB banks fdic first citizen silicon
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2023-00-27
Monday, 27 March 2023 03:00 AM
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