First Citizens Bank is buying most of the business of Silicon Valley Bank, the tech lender that failed earlier this month.
The Federal Deposit Insurance Corporation said in a statement late Sunday it had agreed that First-Citizens Bank & Trust Company would buy all SVB deposits and loans that were transferred to a bridge bank in the wake of its collapse “to allow time for the FDIC to stabilize the institution and market the franchise.” Seventeen former branches of SVB will open as First Citizens outlets on Monday, it added. — This is a breaking story and will be updated.
Wonder if this deal got struck at 1AM Central time, or CNN is reporting it late. If it did, I dunno seems like something... Strange.. About a billion dollar deal with banks while most ppl are sleeping
Like I said
This smells.
Welfare for the rich... also bail out 101
Talk about a powerhouse move! First-Citizens Bank & Trust Company's acquisition of Silicon Valley Bank assets is set to shake up the financial industry. BusinessGameChanger
Big news for First-Citizens Bank & Trust Company! With the purchase of Silicon Valley Bank's assets, they're sure to make some serious waves in the finance industry. 🔥💰 FDIC banking acquisition Check my pin tweet bro
Hmm, no bank failure stories when Trump was in office.
💵😳
Just add it to the list: More COVID deaths & cases More overdose deaths More suicide deaths More crime More empty shelves Most inflation in 40 years Highest gas prices EVER No 99 cent stores No mean tweets Afghanistan replaced with Ukraine 81 million votes? Let’s go Brandon🎈
So, are we done with the indiscriminate rate hikes by the Fed yet, or not?
So they are covering retail customers? What does this mean?
I would invest in BTC. It seems the financial institutions are having a problem.
Assets is operative
🤔 Wonder if this deal got struck at 1AM Central time, or CNN is reporting it late. If it did, I dunno seems like something... Strange.. About a billion dollar deal with banks while most ppl are sleeping
Curious what kind of deal First-Citizens got with the FDIC and if any includes taxpayers money.
The crooks behind this carnage should be jailed & struck off from financial institutions, period.
kirkmin BigSteve207 WEEI GregABedard GregHillWEEI Pontifex
I heard surreycanuck6 bought that and the East Enderby Cibc
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Source: CNN - 🏆 4. / 95 Read more »