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.

First Citizens, which will immediately take control of SVB’s 17 physical bank branches in California and Massachusetts, was one of several banks bidding to purchase some of SVB’s assets.

“This transaction leverages our solid foundation to add significant scale; geographic diversity; compelling digital capabilities; and most importantly, meaningful solutions for customers throughout their lifecycle,” stated Frank Holding Jr., chairman and chief executive officer of First Citizens.

The FDIC estimated the cost of the failure of SVB to its Deposit Insurance Fund (DIF) at $20 billion.

The U.K. arm of SVB was acquired by HSBC on March 13. On March 19, New York Community Bancorp purchased all deposits and some loans of Signature Bank, which had also been placed into receivership by the FDIC.

The cost of the Signature Bank failure to the DIF was approximately $2.5 billion, according to the agency. The FDIC had already announced it would cover the deposits at both banks beyond its $250,000 per account insurance limit.

The ripple effect of SVB’s failure has the banking industry and its regulators worried about contagion risk to other mid-sized banks in the United States and Europe. Treasury Secretary Janet Yellen hinted U.S. regulators might cover the deposits of struggling banks on a “case-by-case” basis.

Other fallout has included Credit Suisse’s merger with larger Swiss bank UBS organized by Swiss regulators and the $30 billion lifeline offered to San Francisco-based First Republic Bank by 11 large U.S. banks.