First Citizens acquire SVB

First Citizens Bank has agreed to acquire Silicon Valley Bank, which has been under the control of FDIC since its collapse. 

Silicon Valley Bridge Bank

First Citizens has acquired all loans and deposits of Silicon Valley Bridge Bank, including its 17 branches, for a discount of $16.5 billion.

Only SVB NA

First Citizens Bank submitted an offer to buy SVB NA after the FDIC invited separate bids. Silicon Valley Private Bank is yet to be sold. 

FDIC gains equity rights

FDIC to keep $90bn of SVB's assets and gain up to $500m in equity appreciation rights from First Citizens BancShares.

Acquiring struggling banks

First Citizens was the 30th largest bank in the US in 2022 and has experience acquiring struggling banks.