First Citizens, a US. bank, announced on Monday that it has agreed to buy all loans and deposits from Silicon Valley Bank, whose failure earlier this month raised concerns about the industry all across the world.
SVB, a significant lender to the IT sector since the 1980s, was taken over by regulators following an unexpected run on deposits, making it the largest US bank to fail since 2008.
After SVB’s bankruptcy, regulators created Silicon Valley Bridge Bank, which First Citizens will take over as of Monday.
Assuming “all client deposits and certain other liabilities of Silicon Valley Bridge Bank,” First Citizens stated that it has agreed to buy “virtually all loans and certain other assets.”