First Citizens to buy Silicon Valley Bank for up to $500mn
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First Citizens to buy Silicon Valley Bank for up to $500mn

Aisling Finn
27 March 2023
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The Federal Deposit Insurance Corporation (FDIC) has announced that First Citizens has agreed to purchase embattled Silicon Valley Bank’s common stock for up to $500mn.

In addition to the loss-share transaction, First Citizens has also agreed with the FDIC to share losses to provide further protection against potential credit losses.

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