First Citizens Bank Inks Deal To Acquire Silicon Valley Bank’s Loans And Deposits

First Citizens Bank will purchase about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion.

SOPA Images/LightRocket via Getty ImagesAs part of the deal, the North Carolina-based First Citizens Bank has agreed to purchase $72 billion of SVB’s loans at $16.

5 billion from the FDIC.The FDIC said it will continue to retain receivership of around $90 billion worth of SVB’s assets—including securities.This is a developing story.

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