First Citizens acquires Silicon Valley Bank
2023 • 10min • News • Business
Published On: March 28, 2023 - Remember the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after depositors rushed to pull out their money in a bank run that also brought down Signature Bank and wiped out more than half the market value of several other U.S. regional lenders. First Citizens BancShares Inc, a regional bank has built a reputation for buying troubled rivals. The deal comes after several attempts to sell the bank by the U.S. Federal Deposit Insurance Corporation did not succeed. First Citizens shares soared on the news of the deal, surging more than 50%.