First Citizens Bank Acquires Silicon Valley Bank

• First-Citizens Bank and Trust Company, based in Raleigh, North Carolina, has entered a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC) to acquire all loans and deposits of the recently failed Silicon Valley Bridge Bank in the United States. 

• The FDIC established Silicon Valley Bridge Bank, National Association after the California Department of Financial Protection and Innovation closed down Silicon Valley Bank.

• The bridge bank received all assets, including substantially all Qualified Financial Contracts, and both insured and uninsured deposits from Silicon Valley Bank.

• The 17 former branches of Silicon Valley Bank will operate under the name First-Citizens Bank and Trust Company.

• Customers of Silicon Valley Bridge Bank, National Association, are advised to continue using their existing branch until they are notified by First-Citizens Bank & Trust Company that system conversions have been finalized, allowing for full-service banking at all branch locations.