First Citizens Bank Purchases Silicone Valley After Its Collapse
Starting Monday, 17 former branches of SVB will now begin operating as 'Silicone Valley Bank, a division of First Citizens'.
First Citizens Bank is set to purchase most of the business of Silicon Valley Bank.
SVB is the U.S. tech lender that recently crashed and became the second largest bank failure in the Nation.
The FDIC said it has agreed that First Citizens Bank and Trust company would buy all of SVB’s deposits and loans that regulators transferred to a bridge bank amidst its collapse.
Starting Monday, 17 former branches of SVB will now begin operating as ‘Silicone Valley Bank, a division of First Citizens’.
It was shared that SVB customers should continue to use their current branch until First Citizens informs the public that the systems have been converted to allow full service at its wider branch network.
First Citizens Chairman and CEO, Frank Holding said they are “committed to building on and preserving the strong relationships that legacy SVB’s global fund banking business has with private equity and venture capital firms.”