First Citizens Bank to Acquire Silicon Valley Bank, Boosting Stock Market Confidence.

First Citizens Bank will acquire Silicon Valley Bank, which collapsed earlier this month, in a deal that involves the sale of all deposits and loans of SVB to First Citizens. The acquisition gives the FDIC shares in First Citizens worth $500 million, and both parties will share in losses and potential recovery on loans included in a loss-share agreement. Silicon Valley Bank failed after depositors rushed to withdraw money amid fears about the bank's health, making it the second-largest bank collapse in U.S. history after the 2008 failure of Washington Mutual.