First-Citizens Bank to buy Silicon Valley Bank after collapse, FDIC says

First-Citizens Bank to buy Silicon Valley Bank after collapse, FDIC says

The Federal Deposit Insurance Corp.

Agreed that the North Carolina-based First-Citizens Bank & Trust Co.

Can acquire the troubled Silicon Valley Bank, and 17 branches of the California-based bank will reopen Monday as branches of First-Citizens.

The FDIC said Sunday that the purchase will involve all deposits and loans of Silicon Valley Bank, but the failure of the bank is estimated to still cost insurers approximately $20 billion.