First Citizens Bank will buy much of Silicon Valley Bank, US regulators said, as they estimated the lender’s collapse would lead to $20bn of losses for a deposit insurance fund paid for by banks.
The Raleigh, North Carolina-based lender will take on all $119bn of deposits at SVB, the once high-flying lender to tech start-ups and their investors that failed this month. First Citizens will also take over SVB’s loans and operate its 17 branches, the Federal Deposit Insurance…
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