Silicon Valley Bank Deposits, Loans Sold to First Citizens (1)

First Citizens Bank & Trust agreed to buy all deposits and loans of SVB Financial Group’s Silicon Valley Bank after it was seized by regulators following a run on the lender, according to a statement from the Federal Deposit Insurance Corporation.

• Silicon Valley Bridge Bank, National Association had approximately $167 billion in total assets and about $119 billion in total deposits as of March 10
  • Transaction included purchase of about $72 billion of its assets at a discount of $16.5 billion
  • Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the ...