First-Citizens Bank & Trust Company /
Silicon Valley Bridge Bank, N.A.
First Citizens subsidiary assumes Silicon Valley Bridge Bank assets and deposits
What happened
First-Citizens Bank & Trust Company completed its acquisition of substantially all loans and certain other assets of Silicon Valley Bridge Bank, N.A., while assuming customer deposits and certain other liabilities. The transaction took effect on March 27, 2023.
The assets were acquired at a discount of approximately $16.45 billion, and the deposits were acquired without a premium.
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First Citizens subsidiary assumes Silicon Valley Bridge Bank assets and deposits
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