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First Citizens BancShares, the parent company of First Citizens Bank, has agreed to buy Silicon Valley Bank, according to aThe North Carolina-based First-Citizens Bank & Trust Company entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bank, according to the statement.
The deal includes the purchase of about $72 billion of Silicon Valley Bridge Bank assets at a discount of $16.5 billion. Silicon Valley Bridge Bank had approximately $167 billion in total assets and about $119 billion in total deposits as of March 10, per the FDIC. About $90 billion in securities and assets will remain with the FDIC for sale. The FDIC also received equity appreciation rights in First Citizens' common stock, per the statement.is approximately $20 billion. The exact cost will be determined when the receivership is terminated, according to the statement. —First Citizens Bank
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