First Citizens Bank to buy Silicon Valley Bank deposits and loans

https://www.cnbc.com/2023/03/27/first-citizens-bank-to-buy-silicon-valley-banks-deposits-and-loans.html

First Residents Financial institution & Belief Co will purchase Silicon Valley Financial institution’s deposits and loans, the U.S. Federal Deposit Insurance coverage Company stated Monday, doubtlessly calming markets after the most important U.S. banking collapse since Lehman Brothers.

The deal contains the acquisition of roughly $72 billion of SVB belongings at a reduction of $16.5 billion, whereas round $90 billion in securities and different belongings will stay “in receivership for disposition by the FDIC.”