First Citizens buys Silicon Valley Bank

First Citizens BancShares Inc has agreed to buy Silicon Valley Bank after the latter fell prey to a run by depositors. First Citizens entered into a purchase and assumption agreement covering all deposits and loans of SVB at a discount of $16.5 billion, as well as the purchase of $72 billion SVB assets. FDIC will be selling off securities and other assets, amounting to around $90 billion.

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