Big Law

First Citizens Bank to Buy Roughly $72 Billion in Assets from Silicon Valley Bank

First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.

Shares of North Carolina-based First Citizens Bank, the nation’s 30th largest bank, rose about 47% in early trading on Monday.

Read the source article at abcnews.go.com

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