CNBC: First Citizens Bank to buy Silicon Valley Bank deposits and loans

CNBC reports:

First Citizens Bank & Trust Co will buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, potentially calming markets after the biggest U.S. banking collapse since Lehman Brothers.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, while around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

“In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million,” the FDIC said in the release…

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