Silicon Valley Bank Officially Sold to First Citizens Bank

First Citizens Bancshares Inc., the parent company of First Citizens Bank, has signed a deal to buy the Silicon Valley bank, according toFIDC official statement

“The Federal Deposit Insurance Corporation (FDIC) contracts some assets. Includes all deposits and loans of Silicon Valley banks.

Anyone who deposits with Silicon Valley Bridge or the National Association becomes a depositor of First–Citizens Bank & Trust Company “automatically.” Additionally, it’s worth noting that all deposits received from the latter will remain insured by the FDIC.

According to an official statement, all 17 existing SVB branches will be reopened as First–Citizens Bank & Trust Company on Monday, March 27. Bank customers, however, should continue to use their current branches. and from now on They will be notified by First–Citizens Bank & Trust Company that the conversion has been completed. So only after this is done will it be allowed to use banking services everywhere.

refer : LINK

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