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<ul><li>First-Citizens Bank has purchased Silicon Valley Bridge Bank.</li><li>The 17 former SVB branches will open as First-Citizens Bank on Monday.</li><li>The acquisition deal included buying $72B of SVB’s assets at a discount of $16.5B.</li></ul>On Sunday, the US Federal Deposit Insurance Corporation (FDIC) announced the purchase and assumption of Silicon Valley Bridge Bank (SVBB), National Association, by First-Citizens Bank &amp; Trust Company (FCBTC).The move comes after the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation, with all deposits and assets transferred to the bridge bank to allow the FDIC time to stabilize the institution and market the franchise.As part of the purchase and assumption agreement, FCBTC will assume all deposits and loans of Silicon Valley Bridge Bank. Depositors of the failed bank will automatically become depositors of First-Citizens Bank &amp; Trust Company, with all deposits assumed by the new bank insured by the FDIC up to the insurance limit.<a href="https://coinedition.com/svbs-72b-assets-sold-at-a-16b-discount-to-first-citizens-bank/" rel="noopener noreferrer nofollow">See the Original CoinEdition</a>

SVB’s $72B Assets Sold at a $16B Discount to First-Citizens Bank

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