Collapsed US lender Silicon Valley Bank (SVB)’s assets and loans are being bought by rival First Citizens BancShares.
All 17 former SVB stores will open Monday under the First Citizens brand, the US Federal Deposit Insurance Corporation (FDIC) said.
SVB was seized by US regulators earlier this month following a run on the bank.
It sparked fears about the stability of other lenders and triggered a sharp decline in bank stocks around the world.
Since then, Swiss banking giant Credit Suisse has had to be bailed out after savers started pulling their money out of the bank.
In a statement, the FDIC said SVB customers should continue to use their current branch until notified by First Citizens Bank that their account has been fully transferred.
Based in Raleigh, North Carolina, First Citizens bills itself as America’s largest family-owned bank. It has been one of the biggest buyers from troubled banks in recent years.
It has bought around $72 billion worth of SVB assets and loans at a $16.5 billion discount. The FDIC will still hold approximately $90 billion in SVB assets.
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