RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.
First Citizens will acquire all deposits and loans of the former Silicon Valley Bank in exchange for company stock worth up to $500 million, the Federal Deposit Insurance Corporation announced Sunday. The FDIC had controlled Silicon Valley Bank since it failed following a bank run on March 10.
In the agreement, all Silicon Valley depositors will automatically transfer to First Citizens, and on Monday, the 17 former Silicon Valley branches will open as First Citizens Bank locations.
