Much of failed Silicon Valley Bank’s assets to be sold to First Citizens, FDIC says
Written by ABC AUDIO on March 27, 2023
(NEW YORK) — First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.
Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.
“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion,” FDIC officials said in a press release.
Seventeen former Silicon Valley Bank branches will open their doors on Monday as First Citizens Bank branches, the FDIC said.
About $90 billion of Silicon Valley Bank’s assets will remain in receivership with the FDIC, the regulator said.
ABC News’ Max Zahn contributed to this story.
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