First Citizens BancShares Inc (NASDAQ:FCNCA) agreed to purchase the troubled Silicon Valley Bank.
What Happened: The Raleigh, North Carolina-based First Citizens agreed to a deal to purchase all deposits and loans of SVB, according to a statement issued by the bank.
First Citizens was among the two suitors vying for SVB, which was seized by federal regulators.
The other was Valley National Bancorp (NASDAQ:VLY).
It was reported earlier that First Citizens was close to sealing the acquisition of SVB.
First Citizens Bank will additionally receive a line of credit from FDIC for contingent liquidity purposes, said the statement.There is no clarity yet if First Citizens has acquired the private banking business of SVB.
