Deal to buy SVB calms bank fears

By Associated Press

Mar 29, 2023 12:21 am

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.

SALVATION A First Citizens Bank sign is seen in Durham, North Carolina on Monday, March 27, 2023. North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month. AP PHOTO

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