First Citizens acquires significant portion of Silicon Valley Bank

A major deal has been announced in the banking industry with First Citizens, one of the country’s largest regional banks, acquiring a significant portion of Silicon Valley Bank

This follows the recent collapse of the latter bank which caused widespread concern throughout the sector.

The Federal Deposit Insurance Corporation confirmed the sale, stating that First Citizens will take over all of Silicon Valley Bank’s branches, loans, and deposits. The transfer of ownership will take place on March 27th.