First Citizen buys Silicon Valley Bank


There is big news about America’s Silicon Valley Bank surrounded by financial crisis. Silicon Valley Bank has been bought by First Citizens Bank. To get the bank out of the financial crisis, First Citizens Bankshare Inc. bought it from the Federal Deposit Insurance Corporation.

In this regard, a statement issued by the Federal Deposit Insurance Corporation (FDIC) said that First Citizens Bank and Trust has agreed to buy all the deposits and loans of Silicon Valley Bank.

The FDIC said in a statement that on March 27, 17 branches of the Silicon Valley Bridge Bank, National Association will open in the name of First Citizens. Customers of Silicon Valley Bank will be able to use the existing branch. However, notice from its First Citizens will be required. According to the statement issued, the system conversion has been completed to allow full service banking at all its other branches.

Talking about the total assets of Silicon Valley Bank, according to the data till March 10, it was at $ 167 billion and its total deposits were $ 119 billion.

In this transaction, $ 72 billion worth of assets of Silicon Valley Bank were bought at a discount. These assets have been bought at a discounted price of $ 16.5 billion.

Let us tell you, after the sinking of Silicon Valley Bank of America, the Federal Deposit Insurance Corporation was appointed its receiver. The Federal Deposit Insurance Corporation (FDIC) has lost about $ 20 billion due to the collapse of Silicon Valley Bank.


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