First Citizens to acquire failed Silicon Valley Bank

First Citizens has agreed to buy Silicon Valley Bank, the California lender that served as lifeblood to thousands of startups before its collapse sent shockwaves through the financial sector, the U.S. Federal Deposit Insurance Corporation said on Monday. The failure of Silicon Valley Bank is estimated to incur a loss of about $20 billion to the Deposit Insurance Fund, the regulator said.
The deal includes the purchase of about $72 billion assets of Silicon Valley Bank at a discount of $16.5 billion. About $90 billion in securities and other assets of the California-based lenders will remain &#

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