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First Citizens to buy struggling Silicon Valley Bank.

First Citizens has agreed to buy the assets of Silicon Valley Bank after the latter suffered a run on deposits that made it insolvent, the FDIC said. The purchase includes $72bn worth of assets from Silicon Valley Bank, now estimated to be worth $16.5bn post-discount, while $90bn in securities and other assets of the California-based lender remain in receivership or disposition, it added. Following the deal, FDIC gained equity appreciation rights in First Citizens BancShares’ common stock with a value of up to $500m. This follows a similar deal between Signature Bank and Flagstar last week.

Vaibhav Kulkarni
I am Vaibhav Kulkarni, Blogger By Passion, Civil Engineer By Profession. I am Tech Enthusiast and Travel Lover. I started my journey 3 years back with some ideas and no coding experience. I was always fascinated with technology and its credibility. I firmly believe in "Creating jobs rather than asking for one".