SVB’s $72B Assets Sold at a $16B Discount to First-Citizens Bank

On Sunday, the US Federal Deposit Insurance Corporation (FDIC) announced the purchase and assumption of Silicon Valley Bridge Bank (SVBB), National Association, by First-Citizens Bank & Trust Company (FCBTC). The move comes after the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation, with all deposits and assets transferred to The post SVB’s $72B Assets Sold at a $16B Discount to First-Citizens Bank appeared first on Coin Edition .