First Citizens Bank to buy SVB's deposits, loans from FDIC

Silicon Valley Bank branch in Santa Clara, CA
A security guard stands outside of the entrance of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small

March 27 (Reuters) - First Citizens Bank & Trust Co will buy all of Silicon Valley Bank's (SIVB.O) deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement.

Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'Souza

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