First Citizens to acquire troubled SVB

A Silicon Valley Bank in Santa Monica, California. Pic/AFP

North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

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The deal could reassure investors at a time of shaken confidence in banks, though the Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in SVB and another failed U.S. bank would be able to access all their money. Customers of SVB will become customers of First Citizens, which is headquartered in Raleigh.

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