After a lot of speculation claiming that Silicon Valley Bank could be sold to First Citizens Bank, an agreement has been entered between First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A. The 17 former branches of SVB will open as First-Citizens Bank & Trust Company on Monday, March 27. However, customers of the bank should continue to use their current branch. Going forward, they will receive a notice from First-Citizens Bank & Trust Company indicating that system conversions have been completed. Only after completion will bank services at all locations be available.
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