Based in North Carolina, First Citizens Bank will receive “assets of $110 billion, deposits of $56 billion and loans of $72 billion,” said a published by the bank. “We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again,” said First Citizens Bank CEO and chairman Frank B. Holding Jr. in the same statement. The (Federal Deposit Insurance Corporation) is a financial regulator that insures deposits in US banks and thrifts in the event of bank failures. 

While 17 SVB branches will now operate as a division of First Citizens Bank, the bank states that there “will be no immediate change to customers’ current accounts”. First Citizens, which describes itself the nation’s largest family-controlled bank, has been one of the biggest buyers of troubled banks in recent years, the Financial Times .

At the end of 2022, Silicon Valley Bank, which had many startups as clients, had around $200bn in assets. On Friday 10 March, the FDIC took control of the Silicon Valley Bank, alerted by accounts that had been frozen due to the institution’s failure. 96% of them were not covered by the traditional deposit guarantee. The SVB imploded following the massive withdrawal requests from its customers and is in a state of bankruptcy. The same had happened to Silvergate Bank a few hours earlier.