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First Citizens Bank reaches deal to purchase Silicon Valley Bank
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IANS | 27 Mar, 2023
The US Federal Deposit Insurance Corporation (FDIC) has announced that
First Citizens Bank and Trust Company of Raleigh, North Carolina entered
a purchase agreement for all deposits and loans of Silicon Valley
Bridge Bank, National Association.
"The 17 former
branches of Silicon Valley Bridge Bank, National Association, will open
as First?Citizens Bank & Trust Company on Monday, March 27, 2023,"
Fox Business quoted the FDIC as saying in a statement.
"Customers
of Silicon Valley Bridge Bank, National Association, should continue to
use their current branch until they receive notice from First?Citizens
Bank & Trust Company that systems conversions have been completed to
allow full?service banking at all of its other branch locations," the
statement continued.
Depositors of the Santa Clara,
California-located bank will automatically become depositors of
First?Citizens Bank & Trust Company, according to the statement, and
all deposits will be assumed and insured by First?Citizens Bank &
Trust Company, up to the insurance limit, Fox Business reported.
The
FDIC said: "As of March 10, 2023, Silicon Valley Bridge Bank, National
Association, had approximately $167 billion in total assets and about
$119 billion in total deposits. Today's transaction included the
purchase of about $72 billion of Silicon Valley Bridge Bank, National
Association's assets at a discount of $16.5 billion."
In
addition, approximately $90 billion in securities and other assets will
remain in the receivership for disposition by the FDIC, Fox Business
reported.
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