Silicon Valley Bank Rises From Dead With First Citizens Acquisition

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First Citizens bank will acquire $72 billion of SVB loans at a discount of $16.5 billion. Another $90 billion of assets will remain receivership of the FDIC.

Silicon Valley’s biggest bank earlier this month following a dramatic run on the banks. Prior to its failure, the second largest of any bank in U.history, SVB was the preferred bank for the tech sector and reportedly served ​nearly half of all venture capital-backed startups in the country. If left unchecked, regulators believed SVB’s sudden collapse could pose a systemic risk to the entire financial sector. U.

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France Dernières Nouvelles, France Actualités