Silicon Valley Bank purchased by First-Citizens Bank, FDIC says

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Silicon Valley Bank purchased by First-Citizens Bank, FDIC says
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BREAKING Silicon Valley Bank purchased by First-Citizens Bank, FDIC says

The FDIC made it official just about an hour ago. The new owner is North Carolina-based First Citizens Bank.

According to the Feds, all 17 branches of Silicon Valley Bank will re-open as First Citizens outlets starting Monday.The regulator says the purchase price was $72 billion, discounted by $16.5 billion. In a press release, the FDIC said that customers of Silicon Valley Bank 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.The video in the media player above is not related to the current story. The

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