First Citizens to Buy SVB After Biggest Failure Since 2008 (1)

First Citizens BancShares Inc. agreed to buy Silicon Valley Bank after a run on deposits wiped out the company in the biggest US bank failure in more than a decade.

The deal to settle SVB’s fate could help tamp down some of the turmoil that has engulfed the financial world, and shares of regional banks rallied on the news, with First Citizens up 44%. The Federal Deposit Insurance Corp. seized SVB earlier this month amid concern that bank runs could spread.

The acquisition transforms First Citizens into one of the top 15 US banks, according to Bloomberg Intelligence, with help ...