First Citizens BancShares to acquire Silicon Valley Bank
- Shams ul Zoha
- March 27, 2023
- 11:17 pm
WHAT YOU SHOULD KNOW
- First Citizens will purchase all loans and deposits of SVB
- Valley National Bancorp was also a potential buyer for SVB
- It is unclear whether First Citizens has acquired SVB’s private banking business
First Citizens BancShares Inc. has agreed to acquire Silicon Valley Bank after federal regulators seized it. The bank will purchase all loans and deposits of SVB, while also receiving a line of credit from FDIC for liquidity purposes.
It is unclear whether First Citizens has also acquired SVB’s private banking business. Valley National Bancorp was also a potential buyer for SVB.
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