First Citizens Bank acquires Silicon Valley Bank in a successful deal.
TL;DR Summary
First Citizens has agreed to acquire most of Silicon Valley Bank's retail operations, including 17 branches, deposits, and loans, at a $16.5 billion discount. The deal will give First Citizens about $56 billion in deposits and $72 billion in assets, making it one of America's 25 biggest banks. However, the F.D.I.C. expects its deposit insurance fund to take a roughly $20 billion hit, and billions of dollars in deposits remain uninsured. The banking sector is still under pressure, and issues like social media and mobile banking haven't been addressed.
- Markets Climb as Silicon Valley Bank Finally Finds a Buyer The New York Times
- FDIC says First Citizens Bank has reached deal to purchase Silicon Valley Bank Fox Business
- First Citizens Buys Silicon Valley Bank Deposits, Loans Bloomberg Television
- Stock Market Today: Dow Rises Barron's
- First Citizens Bank's purchase of SVB assets a 'tremendous deal,' says Whalen Global's Chris Whalen CNBC Television
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