Relief to the customers of the bankrupt Silicon Valley Bank, this bank took responsibility for all deposits and loans
The FDIC said in a press release that the 17 former branches of Silicon Valley Bridge Bank will open as First-Citizens Banks on March 27, 2023 (Monday).
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17 branches of SVB will now open as First Citizen Bank
Depositors of SVB will automatically become depositors of First Citizens Bank
Only First Citizens will become a depositor of the bank and all deposits accepted by the bank will continue to be insured by the FDIC. As of March 10, the SVB had about $167 billion in total assets and about $119 billion in total deposits. According to the FDIC, "Today's transactions included the purchase of Silicon Valley Bridge Bank for approximately $72 billion, including the National Association discount of $16.5 billion.