First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
Silicon Valley Bank's US operations have finally been taken over – 16 days after the Santa Clara-based lender spectacularly collapsed.Federal Deposit Insurance CorporationHere's everything you need to know about the takeover, what it means for the ongoing global banking turmoil, and how markets are reacting to the news.
Its US operation was then taken over by the FDIC, a government-run body that insures Americans' deposits, on March 10 – and over two weeks later, it has found a buyer for the bank. First Citizens is taking over $119 billion of deposits and $72 billion worth of SVB's loans at a $16.5 billion discount, while the FDIC will hold onto about $90 billion worth of securities and other assets.in total, although it said it will give a more exact amount when it terminates its receivership of the bank.
It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.It's a Raleigh, North Carolina-based lender that brands itself as the US's biggest family-run bank and was the country's 30th-largest by assets at the end of last year, according to Federal Reserve data.
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