First Citizens Bank will buy 'all the deposits and loans' of Silicon Valley Bank in the wake of SVB's collapse earlier this month, the Federal Deposit Insurance Corporation announced.
late Sunday. SVB was the biggest U.S. bank to fail since 2008, sparking global fears about the sector.
Depositors of SVB will"automatically become depositors of First Citizens Bank and the FDIC will continue to insure deposits, the agency said. First Citizens, headquartered in Raleigh, North Carolina, said the deal will preserve its solid financial position and the merged company will still be resilient, with a diverse loan portfolio and deposit base."Prudent risk management approach will continue to protect customers and stockholders through all economic cycles and market conditions,"Santa Clara, Calif.
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