FILE - A Silicon Valley Bank sign is shown in San Francisco, March 13, 2023. A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn’t disclose the risks that future interest rate increases would have on its business. The lawsuit is looking for unspecified damages to be awarded to those who invested in SVB Financial Group between June 16, 2021 and March 10, 2023. (AP Photo/Jeff Chiu, file)
NEW YORK (AP) – The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co.
The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday.
The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.
The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in U.S. history.
