First Citizens to buy large chunk of Silicon Valley Bank #Shorts

the fdic says first citizens bank and trust will buy silicon valley bank deposits and loans in the deal includes the purchase of about seventy two billion dollars in svb assets at a discount of sixteen point five billion dollars uh. around ninety billion dollars in securities and other assets will remain in receivership uh. disposition by the fdic and the fdic uh. received equity appreciation rights in first citizen bank shares with a potential value of up to five hundred million dollars for citizens will receive a line of credit from the fdic for contingent liquidity purposes that has a loss sharing and a part in kind of a profit sharing agreement with the fdic to protect further against potential credit losses and then beginning today svb seventeen former branches will begin operating as silicon valley bank a division of first citizens bank it's interesting to keep the name to.

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