A buyer has been found for failed lender Silicon Valley Bank (SVB), with 17 former branches opening under First Citizens Bank on Monday, the Federal Deposit Insurance Corporation (FDIC) has announced.
The FDIC said in a statement Sunday that it has entered into an agreement with the Raleigh, North Carolina-based First Citizens Bank to purchase all SVB deposits and loans currently held by a special-purpose entity called Silicon Valley Bridge Bank.
The bridge bank was established by the FDIC to manage the deposit and loan books of the failed SVB as part of its orderly wind-down following its collapse earlier this month….