By Aaron Nicodemus2023-03-27T16:44:00
The deposits and loans of the failed Silicon Valley Bank (SVB) have been purchased by First Citizens Bank & Trust, although about $90 billion in securities and other assets will remain in receivership.
The Federal Deposit Insurance Corporation (FDIC) announced the sale Sunday of some of SVB’s assets to North Carolina-based First Citizens Bank, following the agency’s takeover of SVB on March 10. The purchase represents $110 billion of the assets of Silicon Valley Bridge Bank, including $56 billion in deposits and $72 billion in loans, First Citizens said Monday in a press release.
SVB’s loan portfolio was sold at a discount of $16.5 billion, the FDIC said. The FDIC and First Citizens entered into a share-loss agreement in which the agency and bank will share in potential losses and recoveries in SVB’s loan portfolio.
2023-03-27T18:59:00Z By Adrianne Appel
In sudden bank buyouts, the workload on compliance departments skyrockets as new customers are nearly instantly assumed by the purchasing bank. Experts share their take on managing the resulting risks.
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The stunning, rapid collapse of Silicon Valley Bank, fueled in its final days by droves of panicked depositors seeking funds, likely added to the chaos within the bank and ratcheted up the risk of fraud, according to legal experts.
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Treasury Secretary Janet Yellen said federal regulators are willing to extend the same financial assistance—perhaps even extended deposit insurance—to mid-sized banks struggling to handle the fallout from the failures of Silicon Valley Bank and Signature Bank.
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New regulations, changing consumer demands, and global supply chain disruptions – from cost-of-goods inflation to tariffs to raw material shortages, and more – are just a few top challenges reshaping the operations of food and beverage industry today. “These challenges are no longer just logistical—they implicate sourcing risk, contract performance, ...
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More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
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The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
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