Davis Polk Leads Silicon Valley Bank Sale to First Citizens (2)

Davis Polk & Wardwell, one of a pair of go-to law firms that have emerged during banking crisis, took the lead for Silicon Valley Bridge Bank on its Monday sale to First Citizens BancShares Inc.

First Citizens purchased the embattled California lender from the Federal Deposit Insurance Corporation, which took over Silicon Valley Bank earlier this month. In the deal, First Citizens will assume Silicon Valley Bridge Bank’s assets of $110 billion and deposits of $56 billion.

SVB’s collapse, and that of New York’s Signature Bank, has sent shockwaves through the banking system. The FDIC created Silicon Valley Bridge Bank ...