Silicon Valley Bank collapse: FDIC says First-Citizens Bank to acquire SVB

Name: Markets with Madison: Credit Suisse buyout and NZX CEO tells all
Uploaded: 2023-03-20T08:55:15+13:00
Description: UBS is buying Credit Suisse in a US$2b deal after a string of US bank failures and in an extended interview the NZ Stock Exchange CEO discusses a lack of IPOs and what sectors the exchange wants more of. Video / NZ Herald

27 Mar, 2023 07:05 AMQuick Read

UBS is buying Credit Suisse in a US$2b deal after a string of US bank failures and in an extended interview the NZ Stock Exchange CEO discusses a lack of IPOs and what sectors the exchange wants more of. Video / NZ Herald

The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.

The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement today.

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.

The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in United States history.