The operation includes the purchase of assets for $ 72 billion at a discount of 16 500. The United States estimates the cost of the fall of SVB at 20 billion.
Euskaraz irakurri: First Citizens bankuak Silicon Valley Banks aktiboak et gordailuak erosi ditu
First Citizens bank will acquire the assets, deposits and loans of the Silicon Valley Bridge Bank (SVB), according to a statement from the Federal Deposit Insurance Corporation (FDIC) of the United States.
After a two-week search for a buyer, and after the collapse and state intervention of the entity specializing in loans and deposits for entrepreneurs, it will be a regional entity, based in Raleigh, North Carolina, that will take over most of the assets. The transaction includes the purchase of $72 billion in assets at a discount of $16,500.
SVB depositors automatically become First-Citizens Bank & Trust Company depositors and all deemed deposits remain FDIC insured up to the insurance limit.
As of March 10, SVB had approximately $167 billion in assets and $119 billion in deposits; about $90 billion will remain in receivership for disposal by the FDIC, the note indicates.
The U.S. FDIC estimates that the cost of Silicon Valley Bank’s bankruptcy to its Deposit Insurance Fund (DIF) is about $20 billion, though the exact amount will be known when the bankruptcy is finalized.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
