First Citizens To Acquire Much Of Silicon Valley Bank

Much of the assets of California’s Silicon Valley Bank are being acquired by First Citizens, the FDIC announced yesterday. The agreement covers all deposits and loans of Silicon Valley Bridge Bank, National Association, which was created by the FDIC after Silicon Valley Bank failed earlier this month. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company this morning.

As of March 10, Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits, the FDIC noted. Yesterday’s transaction included $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.—Daniel Marsteller

Tagged : First Citizens, Silicon Valley Bank

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