First Citizens to buy large chunk of failed Silicon Valley Bank

Silicon Valley Bank's deposits are now in the hands of First Citizens Bank, as are the collapsed financial firm's 17 branches across the US. The purchase by First Citizens comes just two weeks after a run on SVB was caused by a viral crisis of confidence, and worsened by the bank's own inability to adapt to the Federal Reserve's higher interest rates. North Carolina-based First Citizens purchased 72 billion dollars of SVB's deposits for a 16 billion dollar discount, while another 90 billion will remain with federal banking insurance authorities for the time being. Recent turmoil in the US financial sector has shaved billions off the share value in bank stocks, and even caused a rally in bitcoin prices. #FirstCitizensBank #SiliconValleyBank #FED