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.