On Sunday, the Federal Deposit Insurance Corporation reported that the bank holding company, First Citizens Bank & Trust Company, is buying all the deposits and loans of the bankrupt Silicon Valley Bank (SVB).
The corporation states that SVB depositors will "mechanically become depositors of the acquiring bank." All deposits accepted by First Citizens Bank will be insured by the agency "up to the insurance limit." As of March 10, 2023, SVB's assets are estimated at approximately $167 billion, and total deposits at $119 billion.
