First Citizens to buy $72 billion in assets of failed Silicon Valley Bank, FDIC says

First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

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 inAbout $90 billion of Silicon Valley Bank's assets will remain in receivership with the FDIC, the regulator said. This is a developing story. Please check back for updates. ABC News' Max Zahn contributed to this story.

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FDIC says First Citizens Bank has reached deal to purchase Silicon Valley BankThe Federal Deposit Insurance Corporation said the First–Citizens Bank & Trust Company has agreed to purchase Silicon Valley Bank and will insure all depositors up to federal limits.
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