Winning Bizness Desk

Mumbai. The process of reviving and buying America's bankrupt banks has begun. According to reports, North Carolina-based lender First Citizens Bank and Trust Company has bought the troubled Silicon Valley Bank (SVB). The American authorities had seized this bank. In this deal, First Citizens has bought deposits, loans and branches of SVB. The US Federal Deposit Insurance Corporation (FDIC) gave this information. The FDIC said that as of March 10, SVB had total assets of approximately $167 billion and total deposits of approximately $119 billion. In this transaction, the assets of $ 72 billion of Silicon Valley Bank have been bought at a discount of $ 16.5 billion. About $90 billion in securities and other assets will remain in receivership with the FDIC.

Few branches to open from 27th March

To protect depositors, the FDIC transferred all deposits and all assets of Silicon Valley Bank to Bridge Bank of Silicon Valley (National Association - a full service bank), which is operated by the FDIC. Bridge Bank's 17 branches will open on Monday, March 27, 2023 as First-Citizens Bank and Trust Company. Depositors of SVB will automatically become depositors of First Citizens Bank. First Citizens, based in Raleigh, NC, was the 30th largest US bank by assets as of December 31, 2022, with $109 billion, according to the Federal Reserve. Monday's deal will take the firm into the top 25 US banks by assets.

What is First Citizens

As per the Federal Reserve data, First Citizens was the 30th largest commercial bank in the US by assets at the end of 2022. Here are 10 things to know about one of the largest US bank. First Citizens Bancshares, Inc. is a bank holding company founded and now based in Raleigh, North Carolina, US. Its main subsidiary is First Citizens Bank and it is one of the largest banks in the US. Frank Holding, Junior is the Chairman and CEO of First Citizens BancShares, Inc., and its subsidiary First-Citizens Bank & Trust Company.