Silicon Valley Bank to be acquired by rival First Citizens Bank
The US Federal Deposit Insurance Corp. (FDIC) has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.
The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late on Sunday.
The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.
The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in US history.