*FIRST CITIZENS AGREES TO ACQUIRE FAILED SILICON VALLEY BANK, TRIGGERING RALLY IN BANK STOCKS $FRC $FCNCA
- First Citizens BancShares Inc said on Monday it would acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets.
First Citizens, which described itself as having completed more FDIC-assisted transactions since 2009 than any other bank, said the combined company would be resilient with a diverse loan portfolio and deposit base. "Prudent risk management approach will continue to protect customers and stockholders through all economic cycles and market conditions," the statement said.
Analysts said the move was positive for financial stability and the venture capital industry but only up to a point.
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