• News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

First Citizen Bank Set to Acquire Silicon Valley Bank

27 March 2023
in Latest News, News
Reading Time: 3 mins read
107 1
First Citizen Bank Set to Acquire Silicon Valley Bank

Image source: time.com

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.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: FDICFirst Citizen BankSVB
Share63Tweet39Share11
Previous Post

Chinese Regional Bank Embraces Cryptocurrency Ahead of New Crypto Licensing Regime, Report Reveals

Next Post

Titanium Blockchain CEO Faces Four Years Jail Term for ICO Fraud

Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

Binance Partners With Gulf Energy to Obtain Regulatory Green Light for Thai Cryptocurrency Exchange
Latest News

Binance Partners With Gulf Energy to Obtain Regulatory Green Light for Thai Cryptocurrency Exchange

26 May 2023

Gulf Binance, a collaborative project between Binance and Gulf Innova, the innovation arm of Gulf Energy, has received regulatory approval from the Ministry of Finance in Thailand to operate as a digital asset provider.  This regulatory approval enables Gulf...

European Regulator Calls for Transparency on Regulatory Status of Investment Products, Including Crypto Assets
Latest News

European Regulator Calls for Transparency on Regulatory Status of Investment Products, Including Crypto Assets

26 May 2023

The European Securities and Markets Authority (ESMA) has issued a statement emphasizing the need for investment firms to inform their clients about the regulatory status of the products they offer. The European Union's financial regulatory body specifically addressed the...

OpenAI's New Initiative Seeks Public Input for Ethical Development of Artificial Intelligence
Latest News

OpenAI’s New Initiative Seeks Public Input for Ethical Development of Artificial Intelligence

26 May 2023

ChatGPT's parent company, OpenAI, has launched an initiative to promote democratic participation in the development of artificial intelligence (AI).  In an official statement released on May 25, 2023, OpenAI unveiled its plan to award ten $100,000 prizes to experiments...

Zhengzhou Introduces Legislative Proposals and $1.42 Billion Fund to Support Metaverse Businesses and Foster Industry Growth
Latest News

Zhengzhou Introduces Legislative Proposals and $1.42 Billion Fund to Support Metaverse Businesses and Foster Industry Growth

26 May 2023

Zhengzhou, the capital of China's Henan Province, has introduced a series of legislative proposals designed to support local metaverse businesses and seek to foster industry growth. These initiatives, announced on May 24, 2023, involve the creation of a special...

Swap Crypto

Markets Update

DOGE Hits $10B Market Cap; Community Criticizes New Twitter CEO Appointment

1 week ago

NFT Market in Q1 2023: A Tale of Strong Starts, Mixed Performances, and Shifting Market Dynamics

2 weeks ago

Pepe Coin Makes Impressive Market Debut, Surpasses Shiba Inu and Dogecoin in Market Capitalization

3 weeks ago

Litecoin (LTC) Retraces After Hitting $100: Can LTC Halving Lead to New ATH?

4 weeks ago

Bitcoin Shows Potential to Reach $30,000 Amid Volatile Market Conditions

4 weeks ago

XRP Fluctuates As Ripple-SEC Case Nears Conclusion and Regulatory Pressures Mount

1 month ago
Read More

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

BitMEX Introduces a New PnL Realisation Feature for More Capital-Efficient Cross-Margining

BitMEX Introduces a New PnL Realization Feature

byGuest Author
13 April 2023
0

...

BitMEX Joins TRUST Protocol to Expand Travel Rule Compliance Capabilities, Aims to Adapt Swiftly in an Evolving Landscape

BitMEX Joins TRUST Protocol to Expand Travel Rule Compliance Capabilities

byGuest Author
13 April 2023
0

...

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

byGuest Author
25 January 2023
0

...

BetDEX-Exchange-to-Launch-on-Solana-Mainnet-Ahead-of-2022-FIFA-World-Cup.jpg

BetDEX Exchange to Launch on Solana Mainnet Ahead of 2022 FIFA World Cup

byGuest Author
8 November 2022
0

...

BetDEX-Exchange-Becomes-First-Fully-Licensed-Sports-Betting-Exchange-on-Blockchain.jpg

BetDEX Exchange Becomes First Fully-Licensed Sports Betting Exchange on Blockchain

byGuest Author
1 November 2022
0

...

Read More
  • About Us
  • The Team
  • Careers
  • Contact
  • Partnerships

© Copyright 2023 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • Swap Crypto
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$27,859.004.12%
    BITCOIN
    24H : 4.12%
    Volume : $14,023,503,353.00
    Marketcap : $539,217,015,599.00
  • ethereumEthereum(ETH)$1,866.702.16%
    ETHEREUM
    24H : 2.16%
    Volume : $5,987,227,670.00
    Marketcap : $223,918,748,413.00
  • tetherTether(USDT)$0.998-0.21%
    TETHER
    24H : -0.21%
    Volume : $11,783,618,542.00
    Marketcap : $82,849,853,899.00
  • binancecoinBNB(BNB)$311.191.64%
    BNB
    24H : 1.64%
    Volume : $520,561,316.00
    Marketcap : $49,013,236,992.00
  • usd-coinUSD Coin(USDC)$1.000.220%
    USD COIN
    24H : 0.220%
    Volume : $3,188,800,845.00
    Marketcap : $29,076,413,035.00
  • rippleXRP(XRP)$0.4842.71%
    XRP
    24H : 2.71%
    Volume : $642,599,918.00
    Marketcap : $25,029,536,474.00
  • cardanoCardano(ADA)$0.3793.50%
    CARDANO
    24H : 3.50%
    Volume : $217,538,550.00
    Marketcap : $13,257,100,530.00
  • staked-etherLido Staked Ether(STETH)$1,864.242.19%
    LIDO STAKED ETHER
    24H : 2.19%
    Volume : $14,965,504.00
    Marketcap : $12,645,225,953.00
  • dogecoinDogecoin(DOGE)$0.0731.60%
    DOGECOIN
    24H : 1.60%
    Volume : $237,594,125.00
    Marketcap : $10,198,760,332.00
  • matic-networkPolygon(MATIC)$0.9371.94%
    POLYGON
    24H : 1.94%
    Volume : $198,491,683.00
    Marketcap : $8,665,001,138.00

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00