The collapse of Silicon Valley Bank sent shockwaves through the markets after going under earlier this month. It’s reported that a deal has been brokered with First Citizens Bank, which will take over SVB’s deposits and loans.
The U.S. Federal Deposit Insurance Corporation (FDIC) revealed some details on the deal early on March 27.
First Citizens will acquire around $72 billion in assets from Silicon Valley Bank at a massive discount.
The FDIC will also receive ‘equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million.’
This story is breaking and will be updated as we receive more details.
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
Source: https://beincrypto.com/silicon-valley-bank-buyer-first-citizens-absorbs-deposits-loans/