Silicon Valley Bank: most of failed lender bought by First Citizens
by Jasper Jolly from US news | The Guardian on (#6A710)
Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators
The failed Silicon Valley Bank (SVB) will be mostly taken over by First Citizens, a North Carolina lender, and its collapse will cost $20bn (16bn) in deposit insurance payouts, US regulators have said.
First Citizens will take on all $119bn in deposits and loans from the entity set up after SVB's collapse earlier this month.
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