Federal Deposit Insurance Corporation says the 17 former branches of Silicon Valley Bank will re-open as First Citizens Bank & Trust Company on Monday, March 27.
Raleigh, N.C.-based First Citizens is the 30th largest bank in the U.S., with $109 billion in assets, and recently completed an acquisition of New York-based commercial lender CIT.
The Fed’s aggressive rate hikes and balance sheet reduction have caused a historic bank failure — fashioning a real-time ad for Bitcoin self-custody, observers said.