First Citizens Bank to buy Silicon Valley Bank deposits and loans
Picture illustration, the Silicon Valley Financial institution brand is seen on a smartphone, with the inventory market index within the background on the non-public laptop on March 14, 2023, in Rome, Italy.
Andrea Ronchini | Nurphoto | Getty Photographs
First Residents Financial institution agreed to purchase Silicon Valley Financial institution’s deposits and loans, the U.S. Federal Deposit Insurance coverage Company mentioned Monday.
“The 17 former branches of Silicon Valley Bridge Financial institution, Nationwide Affiliation, will open as First–Residents Financial institution & Belief Firm on Monday, March 27, 2023,” the FDIC mentioned within the launch.
“Clients of Silicon Valley Bridge Financial institution, Nationwide Affiliation, ought to proceed to make use of their present department till they obtain discover from First–Residents Financial institution & Belief Firm that methods conversions have been accomplished to permit full–service banking in any respect of its different department areas.”
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