Silicon Valley Bank sold to First Citizens Bank for US Dollar 500 Million

11:30:00 AM, Monday 27th of March 2023 | in business

First Citizens Bank has acquired Silicon Valley Bank for $500. Now, all the assets of Silicon Valley Bank will be owned by the First Citizens Banks. However, the insurance will remain under the Federal Deposit Insurance Corp (FDIC). FCNCA.O bought all the loans and deposits of SVB and gave the Federal Deposit Insurance Corp equity appreciation rights in its stock worth as much as $500 million in return, the FDIC said in statement.