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First Citizens Bank has agreed to acquire Silicon Valley Bank and assume control of all its deposits and loans, the company and the Federal Deposit Insurance Corporation announced early on Monday.
As part of the deal, the North Carolina-based First Citizens Bank has agreed to purchase $72 billion of SVB’s loans at $16.5 billion from the FDIC.
The deal will also see First Citizens Bank take control of $56 billion in deposits.
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The FDIC said it will continue to retain receivership of around $90 billion worth of SVB’s assets—including securities.
FDIC will also receive equity appreciation rights in First Citizens worth up to $500 million.
This is a developing story.
