First Citizens to acquire collapsed Silicon Valley Bank

First Citizens Bank to acquire deposits and loans of bankrupt Silicon Valley Bank, covering $119 billion in deposits and $72 billion in assets. SVB’s 17 branches will open as First Citizens on Monday, and depositors will automatically become depositors of First Citizens Bank, insured by the FDIC.

US regulators rush to contain SVB fallout, as a second bank fails

US authorities have unveiled measures to rescue depositors’ money in full from failed Silicon Valley Bank and to promise other institutions help in meeting customers’ needs, as they announced a second tech-friendly bank had been closed by regulators. Deposit guarantees will ensure that all customers receive their money back in full. The Federal Reserve will also make extra funding available to banks to help them meet the needs of depositors, which would include withdrawals.