First Citizens, one of the nation's biggest regional banks, is acquiring all of failed Silicon Valley Bank’s deposits, loans and branches. See the potential biases and similarities in reports from wsj, bloomberg and foxbusiness:
First Citizens, one of the nation's biggest regional banks, is acquiring all of failed Silicon Valley Bank’s deposits, loans and branches.the Federal Deposit Insurance Corporation , the 17 Silicon Valley Bank branches will open Monday morning under the new ownership, and SVB depositors will automatically become First Citizens depositors. The purchase includes $119 billion in deposits and roughly $72 billion of SVB’s loans at a discount of roughly $16.5 billion.
, a legal tool used to help depositors protect and recover money. The FDIC expects Silicon Valley Bank's failure to cost its Deposit Insurance Fund around $20 billion.
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