November 23, 2024 05:09 (IST)
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First Citizens Bank enters into whole bank purchase of Silicon Valley Bridge Bank

First Citizens Bank enters into whole bank purchase of Silicon Valley Bridge Bank

Raleigh First-Citizens Bank & Trust Company, a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc., announced on Monday that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank.