NEW YORK CITY: First Citizens Bank is buying much of Silicon Valley Bank (SVB), whose failure this month set off a chain reaction that helped rattle faith in banks around the world.
The Federal Deposit Insurance Corp. (FDIC) and other regulators had already taken extraordinary steps to head off a wider crisis by guaranteeing all depositors in SVB and another failed institution, Signature Bank, could get their money, even if they had more than the $250,000 limit insured by the FDIC.
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