Banks | First Citizens Bank buys the deposits and loans of the failed SVB

First Citizens bank will take over the assets of Silicon Valley Bank, which collapsed for about 72 billion dollars.

American First Citizens Bank will buy all the deposits and loans of the failed Silicon Valley Bank (SVB) from the United States Deposit Insurance Corporation (FDIC), according to the announcement.

In the deal, First Citizens bank will take ownership of SVB’s investment assets worth about 72 billion dollars, or about 67 billion euros, and deposits worth 119 billion dollars, or 110 billion euros. According to the FDIC, assets change hands for 16.5 billion dollars, or a good 15 billion euros.

According to the FDIC, “SVB’s 17 branches will open on Monday as First Citizen banks”, reports news agency AFP. According to the official, all SVB depositors will automatically become First Citizen bank depositors.

All in all, First Citizens manages approximately $109 billion (€101 billion) in assets and $89.4 billion (€83 billion) in deposits, according to the news agency Reuters.

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The collapse of California’s Silicon Valley Bank, or literally Silicon Valley Bank, into the hands of the authorities earlier in March started a turmoil in the financial markets that continues to this day. The bank collapsed as a result of deposit flight.

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