Shares of Deutsche Bank rebounded early on Monday morning — easing fears for the shaky European banking system following a slight drop in the cost of insuring the lender’s debt against …
over $72 billion worth of SVB’s deposits and loans, according to an announcement by the Federal Deposit Insurance Corporation.Since the collapse of SVB earlier this month, the FDIC placed all deposits under the control of a “bridge bank” to protect customers.“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023,” the FDIC statement said Monday.
“Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations.”Dow futures were up more than 230 points early on Monday morning after news that First Citizens had stepped in to acquire a large chunk of Silicon Valley Bank.
New York Community Bank agreed to buy a significant chunk of Signature Bank in a $2.7 billion deal a week ago, but the search for a buyer for SVB took longer.Shares , which serves a similar clientele as SVB and had appeared to be facing a similar crisis, surged 24.3% in premarket trading.
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