Money | Silicon Valley Bank Silicon Valley Bank Has a Buyer First Citizens Bank will acquire large chunk of failed SVB By Evann Gastaldo Posted Mar 27, 2023 1:26 AM CDT Copied FILE - Customers and bystanders form a line outside a Silicon Valley Bank branch location, Monday, March 13, 2023, in Wellesley, Mass. (AP Photo/Steven Senne, File) The Federal Deposit Insurance Corp. announced Sunday that a deal has been made for the acquisition of the collapsed Silicon Valley Bank. First Citizens Bank will buy SVB's deposits and loans; CNBC reports First Citizens is purchasing around $72 billion of SVB's assets at a discount of $16.5 billion. Another $90 billion in SVB assets is staying "in receivership for disposition by the FDIC," the statement says. All 17 of SVB's branches will open as First Citizens branches Monday, the Washington Post reports. Read These Next A former NFL Pro Bowler has died at age 36. The massive AWS failure exposed a big problem with the internet. Backlash for Trump nominee who said he has 'a Nazi streak.' A man ended up dead after trying to steal from Spirit Halloween. Report an error