First-Citizens Bank to buy Silicon Valley Bank
The 17 former branches of Silicon Valley Bank are open as First–Citizens Bank & Trust Company as of Monday, according to the FDIC, and all depositors with SVB will automatically become depositors of First–Citizens Bank. The Raleigh, North Carolina-based bank has assumed all deposits of SVB, estimated to be more than $119 billion.
Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A.https://t.co/vjDsnQxhrr pic.twitter.com/MI5lXN5y6rSVB was taken over by regulators as Silicon Valley Bridge Bank after the California Department of Financial Protection and Innovation closed SVB due to its collapse.
The FDIC estimated that the cost of the failure of SVB to its Deposit Insurance Fund is approximately $20 billion, but the exact cost will be determined when the FDIC"terminates the receivership." On March 9, a day after suddenly announcing that it needed to raise $2.2 billion, the SVB was closed, with the FDIC moving its remaining assets to the newly created Deposit Insurance National Bank of Santa Clara.
The bank's collapse raised questions as to which banks were misjudging the cost and lifespan of their deposits. The yield and duration of their assets were also called into question. These fears manifested in the tanking of several leading bank stocks as depositors scrambled to retrieve their money.Customers can find more information about the transaction on the FDIC website.
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