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First Citizen Bank Set to Acquire Silicon Valley Bank

27 March 2023
in Latest News, News
Reading Time: 3 mins read
107 1
Home News Latest News

The Federal Deposit and Insurance Corporation (FDIC) has announced that First Citizens Bank, headquartered in North Carolina, has acquired all of Silicon Valley Bank’s deposits and loans through a purchase and assumption deal.

Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A.https://t.co/vjDsnQxhrr pic.twitter.com/MI5lXN5y6r

— FDIC (@FDICgov) March 27, 2023

The acquisition includes $119 billion worth of deposits and approximately $72 billion of Silicon Valley Bank’s loans, with a markdown of $16.5 billion. 

The FDIC has stated that customers of Silicon Valley Bridge Bank, N.A. should remain with their current branch until they receive notice from First-Citizens Bank & Trust Company that all its other branch locations are fully equipped with the necessary systems for full-service banking.

Meanwhile, as part of the deal, the FDIC was granted equity appreciation rights in common stock from First Citizens BancShares, Inc. in Raleigh, North Carolina, which could be worth up to $500 million. 

First Citizens Chief Executive Frank Holding Jr. reportedly stated:

“We look forward to building relationships with our new customers and positioning our company for continued success as we affirm our commitment to support the integrity of our nation’s banking system.” 

Silicon Valley Bank experienced a bank run fueled by rumours of a severe liquidity crisis, leading to its collapse on March 10, 2023. Following the bank’s failure, the FDIC took over as the receiver and made attempts to auction off its assets.

Multiple companies, including First Citizens, planned or already submitted bids for the collapsed American bank. Reports indicate that First Citizens began considering a bid for Silicon Valley Bank as early as March 18.

In a separate development last week, Flagstar Bank, a subsidiary of New York Community Bancorp, acquired Signature Bank, a financial institution known for its favorable stance toward cryptocurrencies. The FDIC announced that Flagstar Bank would assume non-cryptocurrency-related deposits totaling $38.4 billion and loans amounting to $12.9 billion.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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