First Citizens to Acquire Silicon Valley Bank in $72bn Deal.
First-Citizens Bank & Trust Company has entered into a purchase and assumption agreement with the FDIC for all deposits and loans of Silicon Valley Bridge Bank, National Association. Depositors of Silicon Valley Bridge Bank will automatically become depositors of First-Citizens Bank & Trust Company. The FDIC and First-Citizens Bank & Trust Company have entered into a loss-share transaction on the commercial loans it purchased of the former Silicon Valley Bridge Bank, National Association. The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion.