Silicon Valley Bank Officially Sold To First Citizens Bank
Earlier during the day, there were speculations claiming that Silicon Valley Bank could be sold to First Citizens Bank. During the late hours on Sunday, March 26, an official FIDC statement confirmed the same. The statement read, “The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina.” Depositors of Silicon Valley Bridge Bank, National Association, will now “automatically” become depositors of First–Citizens Bank & Trust Company. Also, it is worth noting that all the deposits assumed by the latter, will continue to be insured by the FDIC up to the insurance limit. 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 — F...