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 JD Vance in hot water over birthday boating trip. Two state troopers were shot in Pennsylvania Kelly Clarkson's ex died a day after she disclosed he was ill. "Rock's forgotten genius" said no to Led Zeppelin. Report an error