First-Citizens Bank & Trust Company will buy assets of Silicon Valley Bank

Or First Citizens Bank is buying up two businesses of Silicon Valley Bank, a technology bank that failed earlier this month.

The Federal Deposit Insurance Corporation (FDIC) issued a non-final statement on Sunday (26) that it had agreed that the First-Citizens Bank & Trust Company would purchase all the deposits and loans of the SVB that were transferred to a bank after its collapse “to give time for the FDIC to stabilize the institution and market the franchise”.

These former subsidiaries of SVB will open as First Citizens stores at this second fair (27), increased.