First Citizens says it will buy Silicon Valley Bank

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Under the agreement, the First–Citizens Bank & Trust Company division will take over SVB assets of US$110 billion, deposits of US$56 billion and loans of US$72 billion. First Citizens BancShares Inc said on Monday that it will buy Silicon Valley (SVB) and take over deposits and loans and other assets from the Federal Deposit Insurance Corporation (FDIC). First Citizens said the transaction was structured to preserve its strong financial position. Under the agreement, First–Citizens Bank & Trust Company will take over SVB assets of $110 billion, deposits of $56 billion and loans of $72 billion. “The prudent approach to risk management will continue to protect clients and shareholders through all economic cycles and market conditions,” the statement said. As of this Monday, the 17 SVB branches will operate as a division of First Citizens Bank. First Citizens has about $109 billion in assets and total deposits of $89.4 billion.

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