Correct Answer :   First Citizens Bank

All of Silicon Valley Bridge Bank's deposits and loans have been purchased by First–Citizens Bank. This step has brought a lot of relief to the customers and investors of Silicon Valley Bank.

* In its statement on Monday (27th March 2023), First Citizens said, it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, National Association.

* Notably, on March 10, Silicon Valley Bank, one of the most prominent lenders to the start-up ecosystem got closed.

* First-Citizens Bank has acquired more than 35 banks since 1971.

* Under the agreement, First Citizens will assume SVB's assets worth $110 billion, deposits of $56 billion, and loans of $72 billion. This is based on the latest information provided by FDIC.

* Silicon Valley Bank, the second largest bank failure on American soil since the 2008 great financial crisis. FDIC was appointed as the receiver for SVB after the California department shut down the lender in mid-March.

* Also, as part of the deal, First Citizens Bank will additionally receive an available line of credit from the FDIC for contingent liquidity purposes.

* Further, First Citizens signed a loss share agreement with the FDIC to provide further downside protection against potential credit losses.

* FDIC's latest data shows that SVB had more deposits than what First Citizens has acquired.

* The US-government-backed insurer, FDIC, in its statement revealed that as of March 10, 2023, SVB, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits.

Source : Mint