First citizens bank enters into whole bank purchase of silicon valley bridge bank, n.a.

Acquisition affirms first citizens' commitment to support silicon valley bank depositors and borrowers transaction is structured to preserve first citizens' solid financial position combined company remains resilient and secure with diverse loan portfolio and deposit base combination builds on first citizens' significant expertise and renowned franchises to meet the needs of a broader customer base allows first citizens to build on its experience with innovation hubs by leveraging silicon valley bank's strength in serving the private equity, venture capital and technology sectors transaction brings together complementary strengths of both banks' middle market commercial banking and private banking capabilities and leverages common platforms, vendor partners and technologies prudent risk management approach will continue to protect customers and stockholders through all economic cycles and market conditions raleigh, n.c. , march 27, 2023 /prnewswire/ -- first-citizens bank & trust company ("first citizens bank"), a subsidiary of raleigh-headquartered first citizens bancshares, inc. ("first citizens") (nasdaq: fcnca), announced today that it has entered into an agreement with the federal deposit insurance corporation (fdic) to purchase out of fdic receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of silicon valley bridge bank, n.a.
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