A subsidiary of First Citizens BancShares will assume Silicon Valley Bank assets of $110 billion, deposits of $56 billion, and loans of $72 billion.
Silicon Valley Bank The Federal Deposit Insurance Corporation , which took control of SVB earlier this month, said in a separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal.
First Citizens said the transaction was structured to preserve its solid financial position and the combined company remains resilient with a diverse loan portfolio and deposit base. Under the deal, unit First-Citizens Bank & Trust Company will assume SVB assets of $110 billion, deposits of $56 billion, and loans of $72 billion.
“Prudent risk management approach will continue to protect customers and stockholders through all economic cycles and market conditions,” the statement said. First Citizens Bank will also receive a line of credit from the FDIC for contingent liquidity purposes and will have an agreement with the regulator to share losses to provide further downside protection against potential credit losses, it added.
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