US bank First Citizens said it has agreed to purchase all loans and deposits from Silicon Valley Bank, whose collapse this month sparked global fears about the sector.
SVB, a key lender to the tech industry since the 1980s, became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits.
First Citizens said it had agreed to purchase"substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank." It said the 17 former branches of SVB will open on Monday as"Silicon Valley Bank, a division of First Citizens Bank."
Depositors of SVB will"automatically become depositors of First Citizens Bank," added the FDIC, which will continue to insure deposits.
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