First Citizens to acquire deposits and loans of failed SVB
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.
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