First Citizens to acquire Silicon Valley Bridge Bank loans and deposits: FDIC
First Citizens BancShares Inc. has entered a deal to assume all the deposits and loans of the failed Silicon Valley Bridge Bank from the Federal Deposit Insurance Corp. , the regulator announced on Monday.
Customers of Silicon Valley Bridge Bank have been instructed to use their current branch until they are notifed that the systems conversion has been completed, and depositors will be automatically switched to First Citizens. “All deposits assumed by First Citizens Bank & Trust Company will continue to be insured by the FDIC up to the insurance limit,” said the regulator.
Roughly $90 billion in securities and other assets will remain in FDIC receivership for disposition, and the regulator has received equity appreciation rights in First Citizens common stock worth up to $500 million. The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund at roughly $20 billion, the exact cost of which will be determined when receivership is terminated.
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