According to an announcement by the Federal Deposit Insurance Corporation (FDIC), First-Citizens Bank & Trust Company of Raleigh, North Carolina, accompanied with Silicon Valley Bridge Bank, National Association set to purchase an agreement on Sunday.
According to a statement released by the FDIC, “On Monday, March 27, 2023, the 17 former Silicon Valley Bridge Bank, National Association branches will reopen as First-Citizens Bank & Trust Company.”
The statement continued. “Customers should use the current branch until they receive notice from First-Citizens Bank & Trust Company. The system has completed allowing full-service banking at all of its other branch locations.”
The FDIC stated total assets and deposits of Silicon Valley Bridge Bank and National Association were approximately $119 billion as of March 10, 2023.
The FDIC assessed SVB’s disappointment as cost roughly $20 billion, albeit an expense that will be all the more precisely resolved when the FDIC ends the receivership, it said.
After California Department of Financial Protection and Innovation closed Silicon Valley Bank on March 10, the FDIC established Silicon Valley Bridge Bank.