First Citizens Bank Set to Acquire Silicon Valley Bank

Time:2023-03-28 01:57 Source:Internet Copy share

First Citizens Bank is set to acquire Silicon Valley Bank (SVB), according to a statement from the Federal Deposit and Insurance Corporation (FDIC).17 former branches of Silicon Valley Bank will become First Citizens Bank and Trust Company on Monday, March 27.SVB collapsed on March 10 after rumors of a liquidity crisis at the bank prompted a bank run. The FDIC then became the receiver of the bank and attempted to auction off the bank.Many firms were believed to have either been planning to or submitted bids for the bank, among them including Valley National Bancorp and Citizens Financial Group besides First Citizens Bank.Author: Katie Lin
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