First Citizens Bank: Enters into Whole Bank Purchase of Silicon Valley Bridge Bank
- First Citizens Bank has entered into an agreement with the FDIC to purchase substantially all loans and certain other assets
- The transaction is structured as a whole bank purchase with loss share coverage
- Bank will assume Silicon Valley Bridge Bank, N.A. assets of $110 billion, deposits of $56 billion, and loans of $72 billion
- The Bank has entered into a loss-share agreement with the FDIC to provide further downside protection
- Customers’ current accounts will not be immediately affected, and they will be able to continue to access their accounts
- This transaction will accelerate Bank’s expansion in California and introduce wealth capabilities in the Northeast
