Troubled Silicon Valley Bank Acquired by First Citizens

First Citizens will acquire much of Silicon Valley Bank, the tech-focused financial institution that collapsed this month, setting off a chain reaction that caused a second bank to fail and tested faith in the global banking sector.

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 failed Signature Bank would be able to access all of their money.

While more than half of Silicon Valley’s assets will remain in U.S. receivership, the First Citizens deal announced late Sunday, at least initially, seemed to achieve what regulators have sought: a shoring up

→ Continue reading at NBC Bay Area

More from author

Related posts

Advertisment

Latest posts

What does ChatGPT have to say for itself on its first birthday?

One year ago the artificial intelligence research company OpenAI released its chatbot: ChatGPT. Morning Edition asked ChatGPT to write a one paragraph fictional story...

‘Pay any price.’ Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant | CNN Business

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how...

Retro role-playing video games are all the rage — here’s why

Enlarge this image Chained Echoes, Sea of Stars, Cassette Beasts ...