First citizens commits to buying silicon valley bank – Breaking News & Latest Updates 2026
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Jess Weatherbed
First Citizens commits to buying Silicon Valley Bank.

North Carolina-based First Citizens Bank & Trust Company has entered an agreement with the FDIC to purchase Silicon Valley Bank’s assets of $110 billion, deposits of $56 billion, and loans of $72 billion, in addition to operating SVB’s 17 branches. SVB depositors will automatically become customers of First Citizens.

The second-largest bank collapse in US history, SVB failed on March 10th following a bank run.

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