First Citizens Bank bought the Silicon Valley Bank, which went bankrupt in the past weeks.
First Citizens, which has made its mark as the largest institution to buy a bankrupt bank in recent years, is the largest family bank in the USA.
The bank bought SVB's $72 billion assets and $16.5 billion in discounts.
The bankrupt Silicon Valley Bank has approximately $90 billion in securities and other assets that have been ordered to be held in the liquidation division of the FDIC (Federal Deposit Insurance Corporation).
According to the contract, 17 former SVB branches will open under the First Citizens brand on April 1, 2023, the FDIC said in a statement.