First Citizens Bank reaches deal to purchase Silicon Valley Bank
"The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as FirstÂ–Citizens Bank iamp; Trust Company on Monday, March 27, 2023," Fox Business quoted the FDIC as saying in a statement.
San Francisco, March 27: 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.
"Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from FirstÂ–Citizens Bank iamp; Trust Company that systems conversions have been completed to allow fullÂ–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 FirstÂ–Citizens Bank iamp; Trust Company, according to the statement, and all deposits will be assumed and insured by FirstÂ–Citizens Bank iamp; 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.
First Citizens Bank reaches deal to purchase Silicon Valley BankIANS 27 March 2023 Post Your Comments
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