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New Deal


Announced

First Citizens Bank to acquire Silicon Valley Bridge Bank from Federal Deposit Insurance.

Synopsis

First Citizens Bank, a commercial banking business company, agreed to acquire Silicon Valley Bridge Bank, an entity created after the federal government took over the failing bank Silicon Valley Bank, from Federal Deposit Insurance, a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. Financial terms were not disclosed. "First Citizens has a proud history of growing organically and through strategic acquisitions that build our core capabilities in a careful and deliberate manner. This transaction leverages our solid foundation to add significant scale, geographic diversity, compelling digital capabilities and most importantly, meaningful solutions for customers throughout their lifecycle. Specifically, we are committed to building on and preserving the strong relationships that legacy SVB's Global Fund Banking business has with private equity and venture capital firms. This transaction also will accelerate our expansion in California and introduce wealth capabilities in the Northeast. SVB's Private Wealth business is a natural fit for our high-touch and sophisticated level of high-net-worth customer service and approach," First Citizens Bank.

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