First Citizens pick up big chunks of Silicon Valley Bank

The Federal Deposit Insurance Corporation. announcement late Sunday that the First Citizens Bank will acquire the deposits, loans and branches of failed Silicon Valley Bank, an institution that catered to tech startups, including crypto firms. Bloomberg initially reported that a deal was nearing completion and could be announced as early as Monday morning. In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank created by the FDIC after the collapse of Silicon Valley Bank, will automatically become depositors of First-Citizens Bank & Trust Co. ( FCNCO). All deposits supported by First Citizens Bank, a regional bank based in Raleigh, North Carolina, will continue to be FDIC insured up to the limit of insurance. As of March 10, Silicon Valley Bridge Bank reported about $167 billion in assets and nearly $119 billion in deposits.