North Carolina-based First Citizens Bank and Trust has purchased Silicon Valley Bank , the tech industry favorite that collapsed earlier this month amidst an historic bank run.
The agreement involves the sale of all deposits and loans of SVB to First-Citizens, the Federal Deposit Insurance Corporation said in a statement late Sunday night.customers of SVB automatically will become customers of First Citizens, which is headquartered in Raleigh. The 17 former branches of SVB will open as First Citizens branches when business begins Monday.
Regulators shut Silicon Valley down on March 10 when it had about $167 billion in total assets and roughly $119 billion in deposits. The move prompted the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil, as Breitbart News
Going to boldly & bravely lead with Leftist Terrorist Shoots Up Christian School Children on the site or no? Fox News will probably cuck out too
Gotta be a shotgun marriage.
from customer side First Citizen is terrible, had auto loan there couple years ago and was not able to make payment from external account online until 2 years ago and then was not allowed to save account info. had to make in person , eventually moved loan
How much did the feds pay to get that to happen?