North Carolina-based First Citizens Bank and Trust has purchased Silicon Valley Bank (SVB), the tech industry favorite that collapsed earlier this month amidst an historic bank run.
The agreement involves the sale of all deposits and loans of SVB to First-Citizens, the Federal Deposit Insurance Corporation (FDIC) said in a statement late Sunday night.
AP reports customers of SVB automatically will become customers of First Citizens, which is headquartered in Raleigh. The 17 former branches of SVB will open as First Citizens branches when business begins Monday.
