First Citizens Purchases Silicon Valley Bank

First Citizens BancShares Inc FCNCA agreed to purchase the troubled Silicon Valley Bank.

What Happened: The Raleigh, North Carolina-based First Citizens agreed to a deal to purchase all deposits and loans of SVB, according to a statement issued by the bank.

See Also: SVB Employee Who Lost $1 Million In Equity Awards Recounts The Harrowing And 'Crazy' Moment Bank Collapsed: 'There Was Shock'

First Citizens was among the two suitors vying for SVB, which was seized by federal regulators. The other was Valley National Bancorp VLY.

It was reported earlier that First Citizens was close to sealing the acquisition of SVB.

First Citizens Bank will additionally receive a line of credit from Federal Deposit Insurance Corporation, or FDIC, for contingent liquidity purposes, said the statement.

There is no clarity yet if First Citizens has acquired the private banking business of SVB.

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