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Silicon Valley Bank acquired by First Citizens Bank amid bankruptcy

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.

Hritika Mitra Edited By: Hritika Mitra @MitraHritika New York Published on: March 27, 2023 12:35 IST
Silicon Valley Bank acquired by First Citizens Bank amid
Image Source : FILE/AP Silicon Valley Bank acquired by First Citizens Bank amid bankruptcy

United States firm First-Citizens Bank & Trust Co. will buy the troubled Silicon Valley Bank after the Federal Deposit Insurance Corp's green signal. According to the FDIC statement, the sale involves the sale of all deposits and loans of SVB to First-Citizens. 

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil. The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history.

ALSO READ | USA's Silicon Valley Bank officially files for bankruptcy | Who will be impacted?

ALSO READ | Indian startups move $250-300 million from Silicon Valley Bank as US allows withdrawals

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