London/Oakland, California
CNN
—
First Citizens Bank is buying most of the business of Silicon Valley Bank, the tech lender that failed earlier this month.
The Federal Deposit Insurance Corporation (FDIC) said in a statement late Sunday it had agreed that First-Citizens Bank & Trust Company would buy all SVB deposits and loans that were transferred to a bridge bank in the wake of its collapse “to allow time for the FDIC to stabilize the institution and market the franchise.”
Seventeen former branches of SVB will open as First Citizens outlets on Monday, it added.
— This is a breaking story and will be updated.
More News
China Has a Plan for Its Housing Crisis. Here’s Why It’s Not Enough.
Decades in the Making, a New Era Dawns for the N.C.A.A.: Paying Athletes Directly
Opinion | America Is Still Having a ‘Vibecession’