First-Citizens Bank will acquire Silicon Valley Bank: FDIC
The FDIC said the failure of Silicon Valley Bank is estimated to cost insurers $20 billion.
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The Federal Deposit Insurance Corp. agreed that the North Carolina-based First-Citizens Bank & Trust Co. can acquire the troubled Silicon Valley Bank, and 17 branches of the California-based bank will reopen Monday as branches of First-Citizens.
The FDIC said Sunday that the purchase will involve all deposits and loans of Silicon Valley Bank, but the failure of the bank is estimated to still cost insurers $20 billion.
First-Citizens purchased about $72 billion of Silicon Valley Bank's assets, with a discount of $16.5 billion, but about $90 billion will remain under FDIC control, the federal agency said.
Silicon Valley Bank was taken over by federal regulators earlier this month after the government warned the bank's managers about the institution's serious weaknesses and risky practices for more than a year.
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