First Citizens BancShares will acquire all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation, according to the regulator
"It's clearly not over," Australia and New Zealand Banking Group Chief Executive Shayne Elliott said in anposted to the bank's website, where he said the turmoil has the potential to escalate into a bigger financial crisis.
In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high. Deutsche Bank's five-year CDS hit their highest since late 2018 on Friday, data from S&P Global Market Intelligence showed. The SBV deal comes after several weeks of looking for a suitor and after the FDIC called for separate offers for SVB Private and SVB.
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First Citizens Bank to buy Silicon Valley Bank deposits and loansFirst Citizens Bank agreed to buy Silicon Valley Bank's deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday.
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First Citizens Bank to buy Silicon Valley Bank deposits and loansBREAKING: First Citizens Bank agreed to buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday .
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FDIC says First Citizens Bank has reached deal to purchase Silicon Valley BankThe Federal Deposit Insurance Corporation said the First–Citizens Bank & Trust Company has agreed to purchase Silicon Valley Bank and will insure all depositors up to federal limits.
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Valley National, First Citizens bidding for Silicon Valley: reportValley National Bank and First Citizens BancShares have reportedly submitted bids for the failed Silicon Valley Bank following it's collapse earlier this month.
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House Republicans demand Biden answer on Chinese ties to collapsed Silicon Valley BankA group of 20 Republicans in the House of Representatives have signed a letter to President Biden demanding clarification on the relationship between Silicon Valley Bank and the Chinese Communist Party.
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