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Silicon Valley Bank has finally found a buyer for its seized asset

Silicon Valley Bank has finally found a buyer for its seized asset

After a couple of weeks of uncertainty, Silicon Valley Bank has finally found a buyer for its seized assets.

The North Carolina-based First-Citizens Bank has stepped up to purchase the remains of the fallen bank, according to the FDIC on March 26.

The First-Citizens Bank was founded in 1898 and claims to have over 100 billion assets, with over 500 branches in 21 states nationwide. 

All deposits and loans will go to First-Citizens Bank and Trust Co., as well as taking all of SVB's customers. Meanwhile, the 17 branches of SVB have reopened as First Citizens branches.

This acquisition gives the FDIC shares in the latter worth 500 million dollars. The FDIC and First Citizens will share any losses or gains from loans.

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