First Citizens acquires Silicon Valley Bank
North Carolina-based First Citizens will buy Silicon Valley Bank, the financial institution that collapsed earlier this month, rattling the banking industry and sending shock waves around the world.
The deal could reassure investors at a time of shaken confidence in banks, though the Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in SVB and another failed US bank would be able to access all of their money
