First Citizens Bank and Trust company has agreed to purchase and assume all deposits and loans of Silicon Valley Bank, SVB, is a California lender that served as the lifeblood to thousands of startups before its collapse on March 10, 2023, after a bank run, marking the second-largest bank failure in United States history and the largest since the 2008 financial crisis.
According to a statement by the Federal Deposit Insurance Corporation (FDIC), the deal includes the purchase of about $72 billion assets of Silicon Valley Bank at a discount of $16.5 billion. About $90 billion in securities and other assets of the California-based lenders will remain “in receivership of disposition” by the FDIC.
