FDIC announced on Monday (March 27) that First Citizens Bank & Trust Co. will take over all deposits and loans from Silicon Valley Bank (SVB), which may soothe market sentiment following the recent banking meltdown.
The statement pointed out that the 17 former branches of Silicon Valley Bank will be owned by First Citizen Bank and Trust Company on Monday, March 27, 2023. The original depositors of Silicon Valley Bank will be the depositors of First Citizen Bank in the future and will be protected by the FDIC.
SVB customers will continue to use their current branch until they receive notification from First Citizens Bank that the system transition is complete.