BREAKING: First Citizens Bank & Trust Co will buy Silicon Valley Bank's deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, just over two weeks after the biggest U.S. banking collapse since Lehman Brothers.
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"Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations." First Citizens Bank and the FDIC also entered into a"loss-share transaction" — in which the FDIC absorbs part of the loss on a particular pool of assets — on the commercial loans purchased from the SVB bridge bank.
"The loss–share transaction is projected to maximize recoveries on the assets by keeping them in the private sector. The transaction is also expected to minimize disruptions for loan customers," the FDIC explained. The regulator added that the estimated cost of SVB's failure to its Deposit Insurance Fund will be around $20 billion, with the exact cost determined once the receivership is terminated., a big name in the tech and venture capital sector, and took control of its deposits on March 10 in what was the largest U.S. bank failure since the global financial crisis.
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