First Citizens Bank Reaches Deal to Buy Silicon Valley Bank Deposits, Loans

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  • The 17 former branches of Silicon Valley Bridge Bank, national associationto open as FirstCitizens Bank & Trust Company on Monday, March 27, 2023, FDIC said.
  • Customers of Silicon Valley Bridge Bank, National Association should continue to use their current branch until they receive notice from First citizen bank & Trust Company, according to the regulator.


San Francisco, March 27 (IANS) The US Federal Deposit Insurance Corporation (FDIC) announced that First Citizens Bank and Trust Company of Raleigh, North Carolina have entered into a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association.

“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as FirstCitizens Bank & Trust Company on Monday, March 27, 2023,” Fox Business quoted the FDIC as saying.

“Customers of Silicon Valley Bridge Bank, National Association should continue to use their current branch until they receive notification from First Citizens Bank & Trust Company that system conversions have been completed to enable full-service banking at all of its other branches,” the statement read. continued.

Depositors of the Santa Clara, California-based bank automatically become depositors of First Citizens Bank & Trust Company, according to the statement, and all deposits are underwritten and insured by First Citizens Bank & Trust Company, up to the insurance limit, Fox Business reported.

The FDIC said, “As of March 10, 2023, Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and approximately $119 billion in total deposits. Today’s transaction included the purchase of approximately $72 billion worth of Silicon Valley Bridge Bank, National Association assets at a discount of $16.5 billion.”

In addition, about $90 billion in securities and other assets will remain in receivership for sale by the FDIC, Fox Business reported.