The Federal Deposit Insurance Corporation has agreed to sell troubled Silicon Valley Bank to First Citizens Bank & Trust.
The FDIC said in a statement late Sunday that the sale includes the sale of all deposits and loans from Silicon Valley Bank to First Citizens Bank & Trust.
The collapse of Silicon Valley rocked the banking industry, prompting the Federal Deposit Insurance Corporation and other regulators to act to protect depositors to prevent wider financial turmoil.
The bank, headquartered in Santa Clara, California, collapsed on March 10, after depositors rushed to withdraw funds amid concerns about the bank's status and stability. It is noteworthy that the collapse of Silicon Valley is the second largest banking collapse in the history of the United States.
Okaz (Washington) @okaz_online
