First Citizens Scooping Up Big Chunks of Silicon Valley Bank

The Federal Deposit Insurance Corp. announced late Sunday that First Citizens Bank will acquire the deposits, loans and branches of failed Silicon Valley Bank, an institution that catered to tech startups, including crypto firms. Bloomberg had initially reported that a deal was nearing completion and could be announced as early as Monday morning. In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after the collapse of Silicon Valley Bank, will automatically become depositors of First-Citizens Bank & Trust Co. (FCNCO). All deposits assumed by First Citizens Bank, a regional bank based in Raleigh, N.C., will continue to be insured by the FDIC up to the insurance limit. As of March 10, Silicon Valley Bridge Bank reported roughly $167 billion in assets and nearly $119 billion in deposits.