FDIC Announces First Citizens Bank & Trust Company to Purchase SVB Assets, Protecting Customers’ Deposits

The Federal Deposit Insurance Corporation (FDIC) announced on Sunday that First Citizens Bank & Trust Company will purchase all of Silicon Valley Bank’s (SVB) deposits and loans that were transferred to a bridge bank in the wake of its collapse. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

The FDIC also received equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million.

SVB was shut down by regulators on Friday, March 10, after the bank failed to meet the FDIC’s “capital adequacy requirements.” The FDIC then transferred all SVB deposits and assets into a new “bridge bank” earlier this month in an effort to protect customers’ deposits and other assets.

The FDIC said that the purchase of SVB’s deposits and loans by First Citizens Bank & Trust Company will help to ensure that customers’ deposits are protected and that the bank’s operations will continue without interruption.

The FDIC also said that the purchase of SVB’s assets by First Citizens Bank & Trust Company will help to ensure that customers’ deposits are protected and that the bank’s operations will continue without interruption. The FDIC said that the purchase of SVB’s assets by First Citizens Bank & Trust Company will also help to ensure that the bank’s operations will remain stable and that customers’ deposits will be protected.

The FDIC said that the purchase of SVB’s assets by First Citizens Bank & Trust Company will help to ensure that the bank’s operations will remain stable and that customers’ deposits will be protected. The FDIC also said that the purchase of SVB’s assets by First Citizens Bank & Trust Company will help to ensure that the bank’s operations will remain stable and that customers’ deposits will be protected.

The FDIC said that the purchase of SVB’s assets by First Citizens Bank & Trust Company is a positive step in the process of stabilizing the banking system and protecting customers’ deposits. The FDIC also said that the purchase of SVB’s assets by First Citizens Bank & Trust Company will help to ensure that the bank’s operations will remain stable and that customers’ deposits will be protected.