First Citizens Bank buys assets of U.S. failed peer Silicon Valley Bank

NEW YORK, March 27 (Xinhua) -- U.S. regional bank First Citizens BancShares, Inc. announced on Monday that its subsidiary First-Citizens Bank & Trust Company entered an agreement with the Federal Deposit Insurance Corporation (FDIC) to buy all loans and assume all customer deposits of failed Silicon Valley Bank.

First Citizens Bank will purchase 110 billion U.S. dollars of assets from Silicon Valley Bridge Bank, N.A., which was created by the FDIC following the collapse of Silicon Valley Bank on March 10, according to First Citizens BancShares.