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First Citizens to Buy Silicon Valley Bank After Run on Lender

Moomoo 24/7 ·  Mar 27, 2023 01:39

(Bloomberg) -- First Citizens BancShares Inc. agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

The Raleigh, North Carolina-based lender entered into a purchase and assumption agreement for all deposits and loans of SVB, according to a statement from the Federal Deposit Insurance Corp.

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