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First Citizens BancShares, Inc. (Nasdaq: FCNCA) announced on Ma, that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase As of March 10 when SVB collapsed, the bank had approximately $167 billion in total assets and $119 in total deposits, according to the FDIC. Raleigh, NC-based First Citizens Bank has purchased the remaining assets, deposits and loans of Silicon Valley Bank, the US lender that failed earlier this month and kicked off the crisis, the North Carolina-based First Citizens Bank & Trust on Monday announced that it had agreed to purchase all loans and deposits from California-based Silicon Valley Bank First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, said on Sunday that it would acquire Silicon Valley Bank, the The lender said it will assume $56 billion in deposits and 17 legacy branches will begin operating Silicon Valley Bank, a division of First Citizens. There will be no

Silicon Valley Bank Officially Sold to First Citizens Bank

The saga of Silicon Valley Bank (SVB) has reached a pivotal point. First Citizens BancShares, Inc. (Nasdaq: FCNCA) announced on Ma, that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase a significant portion of the failed institution. This marks a new chapter for SVB and its depositors, aiming to restore stability to the tech industry and the wider financial market.

First Citizens Bank Acquires SVB's Assets and Deposits

The acquisition brings much-needed clarity after weeks of uncertainty. As of March 10 when SVB collapsed, the bank had approximately $167 billion in total assets and $119 in total deposits, according to the FDIC. Raleigh, NC-based First Citizens Bank has purchased the remaining assets, deposits and loans of Silicon Valley Bank, the US lender that failed earlier this month and kicked off the crisis. This strategic move aims to safeguard depositors and provide a more secure financial future.

Details of the Acquisition Agreement

The agreement outlines a comprehensive transfer of assets and responsibilities. The North Carolina-based First Citizens Bank & Trust on Monday announced that it had agreed to purchase all loans and deposits from California-based Silicon Valley Bank. First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, said on Sunday that it would acquire Silicon Valley Bank, the bank that previously served as a key financial partner to numerous tech startups and venture capital firms.

What This Means for Depositors and Customers

The transition to First Citizens Bank is designed to be seamless for depositors. The lender said it will assume $56 billion in deposits and 17 legacy branches will begin operating Silicon Valley Bank, a division of First Citizens. There will be no immediate disruption to services. Customers can expect continued access to their funds and banking services as First Citizens integrates SVB's operations. This acquisition represents a positive step towards restoring confidence in the banking sector and supporting the innovation economy.

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