Troubled California-based lender Silicon Valley Bank has got a buyer – First Citizens BankShares.
The collapse of Silicon Valley Bank hushed the financial sector as the lender served as the lifeblood of thousands of startups.
According to the Federal Deposit Insurance Corporation, First Citizens will purchase about $72 billion assets of Silicon Valley Bank at a discount of $16.5 billion.
Also, about $90 billion in securities and other assets of the California-based lenders will remain “in receivership of disposition” by the U.S. Federal Deposit Insurance Corporation (FDIC)
Weeks earlier, the FDIC seized control of Silicon Valley Bank as the lender went insolvent.
According to the FDIC, the 17 former branches of Silicon Valley Bank will open as First Citizens Bank on Monday.
Silicon Valley Bank used to be the 16th largest bank in the U.S.
