Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank/”
By Mark Thompson and Liz Enochs, CNNUS tech lender that failedThe Federal Deposit Insurance Corporation said in a statement late Sunday it had agreed that First-Citizens Bank & Trust Company would buy all of SVB’s deposits and loans that regulators had transferred to a bridge bank in the wake of its collapse.
First Citizens, based in Raleigh, North Carolina, offers general banking services through more than 550 branches and offices in 23 states.
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