- First Citizens acquires Silicon Valley Bank.
- 17 branches transform, depositors switch.
- $72 billion assets purchased, discounted.
In a bold move, North Carolina’s First Citizens Bank has announced its plans to acquire all deposits and loans of the renowned Silicon Valley Bank, as confirmed by a statement from the Federal Deposit and Insurance Corporation (FDIC).
Read CRYPTONEWSLAND on
google news
As part of the March 26 purchase and assumption agreement, 17 branches of Silicon Valley Bank will undergo a transformation, reopening their doors as First Citizens Bank and Trust Company branches on March 27. In a seamless transition, all Silicon Valley Bank depositors will automatically find themselves as depositors of First Citizens Bank.
This momentous transaction includes the acquisition of approximately $72 billion worth of assets from Silicon Valley Bridge Bank, National Association, at a discounted price of $16.5 billion, as stated by the FDIC.
But that’s not all. Around $90 billion in securities and other assets will remain under the receivership of the FDIC for future disposition. Moreover, the FDIC has also secured equity appreciation rights in First Citizens BancShares, Inc. common stock, with a potential value reaching up to a staggering $500 million.
First Citizens Bank, which already holds the title of the 30th largest commercial bank in the United States, is set to expand its impressive portfolio, boasting $167 billion in total assets and $119 billion in deposits as of March 10.
In other news, in a dramatic turn of events, the co-founder of Terraform Labs, Do Kwon, was arrested in Montenegro for attempting to board a plane with false passports. This extraordinary turn of events has spurred South Korean officials to intensify their pursuit of Daniel Shin, also known as Shin Hyun-Seong, the second co-founder of Terra.
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
