Highlight of the Week
First Citizens Acquires Much of Failed Silicon Valley Bank
- On Monday, March 27, First Citizens BancShares announced that it would be purchasing large pieces of the failed Silicon Valley Bank (SVB).
- First Citizens is acquiring all $56.5 billion of SVB’S deposits and approximately $72 billion of SVB’s loans at a discount of $16.5 billion.
- $90 billion of SVB securities will remain in receivership with the FDIC.
- The FDIC agreed to share any of First Citizens’ losses or potential gains on SVB’s commercial loans.
Rate Curves
