First Citizens Buys Up Large Parts of Silicon Valley Bank After Collapse

First Citizens Bancshares, one of the biggest U.S. regional banks, is snapping up large parts of Silicon Valley Bank two weeks after its collapse triggered a wave of market turmoil.

First Citizens (ticker: FCNCA), up 41% in the premarket, is buying all of SVB’s (SVB) deposits, loans and branches, taking them off the hands of the Federal Deposit Insurance Corporation. They will open on Monday under the new ownership.