Locked
First Citizens to buy SVB after biggest failure since 2008
First Citizens BancShares agreed to buy Silicon Valley Bank after run on deposits wiped out the firm in one of the biggest US bank failures.
By Ed Hammond and Matthew Monks
First Citizens BancShares Inc. agreed to buy Silicon Valley Bank after a run on deposits wiped out the company in the biggest US bank failure in more than a decade.
The deal to settle SVB's fate could help tamp down some of the turmoil that has engulfed the financial world, and shares of regional banks rallied on the news, with First Citizens up 44%. The Federal Deposit Insurance Corp. seized SVB earlier this month amid concern that bank runs could spread.
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