Silicon Valley Bank acquired by First Citizens

The Federal Deposit Insurance Corporation has agreed to sell troubled Silicon Valley Bank to First Citizens Bank & Trust.

The FDIC stated in a statement on Sunday that the sale includes the sale of all deposits and loans from Silicon Valley Bank to First Citizens Bank & Trust.

The Silicon Valley meltdown shook the banking sector and prompted the Federal Deposit Insurance Corporation and other regulators to take action to protect depositors to prevent broader financial turmoil.

The bank, headquartered in Santa Clara, in California, went bankrupt on March 10 after depositors rushed to withdraw funds amid concerns about the bank’s stability. Interestingly, the Silicon Valley meltdown is the second largest banking meltdown in US history.

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