First Citizens Bank to acquire failed Silicon Valley Bank assets at a discount

First Citizens Bank to acquire failed Silicon Valley Bank assets at a discount

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First-Citizens Bank is set to acquire the assets of the failed Silicon Valley Bank (SVB) — valued at $72 billion for a discount of $16.5 billion. In a March 26 press statement, the Federal Deposit Insurance Corporation (FDIC) said the deal covers all the deposits and the loans of the failed…

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