First Citizens Bank To Buy Silicon Valley Bank’s Deposits And Loans

온라인 슬롯 사이트

First Citizens Bank & Trust Company, a North Carolina-based bank, announced on Monday that it would acquire Silicon Valley Bank’s deposits and loans. The acquisition is part of First Citizens’ strategy to expand its geographic footprint and strengthen its position as one of the largest family-controlled banks in the United States.

⚠️BREAKING:

*SILICON VALLEY BANK SOLD TO FIRST CITIZENS

*THE TRANSACTION INCLUDED THE PURCHASE OF ABOUT $72 BILLION OF SVB'S ASSETS AT A DISCOUNT OF $16.5 BILLION

— Investing.com (@Investingcom)

The deal will see First Citizens acquire approximately $3 billion in loans and $2.7 billion in deposits from Silicon Valley Bank, which has its headquarters in California. The acquisition is expected to close in the third quarter of 2023 and is subject to regulatory approval.

The acquisition will allow First Citizens to expand its presence in the technology sector, which has been a focus for Silicon Valley Bank. According to Frank Holding Jr, chairman and CEO of First Citizens Bank, the acquisition will enable the bank to provide enhanced services to its clients in the technology, life sciences, and venture capital industries.

Silicon Valley Bank’s decision to exit deposits business

Silicon Valley Bank, which is part of SVB Financial Group, announced in January that it planned to exit its deposits business. The bank has said it will continue to provide banking services to its existing clients, but will no longer take deposits.

SVB Financial Group is a financial services company that provides banking and investment services to businesses in the technology, life sciences, and healthcare sectors. It is headquartered in Santa Clara, California and has offices in the United States, Europe, and Asia.

The decision to exit the deposits business is part of SVB Financial Group’s strategy to focus on its core banking and investment services. The company has said that the move will allow it to invest in its technology platforms and expand its banking and investment services. The acquisition of Silicon Valley Bank’s deposits and loans by First Citizens Bank will allow both banks to focus on their core businesses and better serve their clients in the technology sector.

Ripple Battles SEC as Gary Gensler Exits, Paul Atkins Leads

BY Sylvia Jan 4, 2025

Leverage in Gold vs Crypto Trading: What You Need to Know

BY naomibarati Jan 4, 2025

FTX Reorganization Sparks Recovery and Hope for Crypto Creditors

BY Sylvia Jan 4, 2025

Todd Lyndon
I am a junior copywriter, my main field is the crypto world and the real use case of the blockchains. I am also an expert of the NFTs and addicted to F2P games, also I am a game developer. My dream is to try all Blockchain games at the release.