First Citizens Bank to , Buy Silicon Valley Bank.
NPR reports that the FDIC made the announcement on March 26.
First Citizens will buy all of Silicon Valley Bank's (SVB) deposits and loans.
First Citizens will buy all of Silicon Valley Bank's (SVB) deposits and loans.
SVB customers will automatically
become First Citizens customers.
The new branches will open on March 27.
SVB's failure marks the second-biggest U.S. bank collapse after Washington Mutual in 2008.
SVB's failure marks the second-biggest U.S. bank collapse after Washington Mutual in 2008.
Signature Bank, which collapsed two days later, marks the third-biggest U.S. bank failure. .
The banking system continues to remain
on edge as depositors worry about the
health of the country's financial institutions. .
NPR reports that 11 of the largest
banks in America revealed a $30 billion
rescue package to alleviate fears.
First Citizens' acquisition of SVB will give the FDIC $500 million worth of shares in its company. .
First Citizens says it has over $100 billion in assets and more than 500 branches.
The bank reported a
$243 million net profit last quarter