By Mark Thompson and Liz Enochs, CNN
First Citizens Bank is buying most of the business of Silicon Valley Bank, the US tech lender that failed earlier this month.
The Federal Deposit Insurance Corporation (FDIC) 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.
Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” on Monday, First Citizens said. SVB customers should continue to use their current branch until they receive notice from