United States firm First-Citizens Bank & Trust Co. will buy the troubled Silicon Valley Bank after the Federal Deposit Insurance Corp’s green signal. According to the FDIC statement, the sale involves the sale of all deposits and loans of SVB to First-Citizens.
The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil. The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history.
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