First Citizens, one of the nation's biggest regional banks, is acquiring all of failed Silicon Valley Bank’s deposits, loans and branches.the Federal Deposit Insurance Corporation , the 17 Silicon Valley Bank branches will open Monday morning under the new ownership, and SVB depositors will automatically become First Citizens depositors. The purchase includes $119 billion in deposits and roughly $72 billion of SVB’s loans at a discount of roughly $16.5 billion.
, a legal tool used to help depositors protect and recover money. The FDIC expects Silicon Valley Bank's failure to cost its Deposit Insurance Fund around $20 billion.
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