Breaking: First Citizens snaps up Silicon Valley Bank — Branches open Monday

First Citizens Bank has won the bid to acquire Silicon Valley Bank, just over two weeks after the collapse of the major U.S. bank.

Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC. In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc. common stock with a potential value of up to $500 million.

The North Carolina-based bank is the 30th largest commercial bank in the United States and as of March 10, had $167 billion in total assets and $119 billion in deposits. Silicon Valley Bank collapsed on March 10 after rumors of a severe liquidity crisis at the bank prompted a bank run. The FDIC was then appointed as the receiver of the failed bank and attempted to auction off the fallen bank.

The process included two separate auctions for SVB’s assets, one for its traditional deposits unit, and the other for its private bank, which is housed within its retail operations and caters to high-net-worth individuals.Several firms were understood to have either been planning or had submitted bids for the collapsed U.S. bank.

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