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Briefing

First Citizens to Buy SVB’s Deposits, Loans From Government

By
Nate Becker
and
Erin Woo
· · Source: The Information

First Citizens BancShares has agreed to buy deposits and loans of the failed Silicon Valley Bank from the Federal Deposit Insurance Corp., the FDIC announced  late Sunday night. Silicon Valley Bridge Bank’s 17 branches will open as First–Citizens Bank & Trust Company on Monday, the FDIC said. First Citizens acquired around $72 billion of the bridge bank’s assets at a $16.5 billion...

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