First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC

first citizens to buy silicon valley banks deposits loans in 55 5b agreement with fdic
first citizens to buy silicon valley banks deposits loans in 55 5b agreement with fdic 1

In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after SVB’s failure, will automatically become depositors of First Citizens Bank & Trust Company. All deposits assumed by First Citizens Bank & Trust Company will continue to be insured by the FDIC up to the insurance limit.

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