First Citizens Bank acquires Silicon Valley Bank's assets in a major deal, while concerns arise over investment-bank internships.
First Citizens Bank will acquire about $72 billion in assets from the failed Silicon Valley Bank, while the remaining $90 billion of assets will remain in receivership with the FDIC. The bank had been the 16th largest bank in the country and its failure cost the FDIC an estimated $20 billion. Seventeen former Silicon Valley Bank branches will open as First Citizens Bank branches on Monday. Shares of First Citizens Bank rose about 47% in early trading on Monday.