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Much of failed Silicon Valley Bank’s assets to be sold to First Citizens, FDIC says

Written by on March 27, 2023

Much of failed Silicon Valley Bank’s assets to be sold to First Citizens, FDIC says
Patrick T. Fallon/AFP via Getty Images, FILE

(NEW YORK) — First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.

“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion,” FDIC officials said in a press release.

Seventeen former Silicon Valley Bank branches will open their doors on Monday as First Citizens Bank branches, the FDIC said.

About $90 billion of Silicon Valley Bank’s assets will remain in receivership with the FDIC, the regulator said.

ABC News’ Max Zahn contributed to this story.

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