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BANKINGTECH

--------------------------------------------------------------------------------


FIRST CITIZENS BANK STRIKES DEAL WITH FDIC TO BUY SILICON VALLEY BANK ASSETS

 * Written by Shruti Khairnar
 * 27th March 2023

 * 
 * 
 * 
 * 
 * 
 * 
 * 

First Citizens Bank has entered into an agreement with the Federal Deposit
Insurance Corporation (FDIC) to purchase substantially all loans and certain
other assets of Silicon Valley Bridge Bank.

First Citizens Bank to acquire SVB assets

The deal includes the purchase of assets of $110 billion, deposits of $56
billion and $72 billion of SVB’s loans at a discount of $16.5 billion.
Approximately $90 billion in securities and other assets will remain in the
receivership for disposition by the FDIC.

As part of the acquisition, the two firms have entered into a loss-share
transaction wherein both will share the losses and potential recoveries on the
loans.

The FDIC estimates SVB’s collapse will cost its Deposit Insurance Fund (DIF) an
estimated $20 billion in losses.

Additionally, the FDIC has also received equity appreciation rights in First
Citizens BancShares common stock with a potential value of up to $500 million.



First Citizens Bank will also receive an available line of credit from the FDIC
for “contingent liquidity purposes”. As of 27 March, all of the 17 former SVB
branches have been reopened as First Citizens Bank branches.

“There will be no immediate change to customers’ current accounts, and they will
be able to continue to access their accounts as they do today — through their
current websites, mobile apps and branch locations,” First Citizens Bank says in
a statement.

“They can continue to use their checks and cards and will still have ATM and
online access to their accounts. Loan customers should continue making loan
payments as usual. Customers will be notified of any future account changes in
advance.”

Calling the acquisition a “natural fit”, Frank Holding, chairman and CEO of
First Citizens, says: “This transaction also will accelerate our expansion
in California and introduce wealth capabilities in the Northeast.”

The news comes weeks after Silicon Valley Bank dramatically collapsed, leading
the FDIC to take charge and protect deposits by establishing a bridge bank.

On 13 March, HSBC UK stepped in to acquire SVB’s UK operations for a nominal sum
of £1.

The SVB collapse also triggered the fall of New York’s Signature Bank, which is
now being acquired in part by Flagstar Bank.

Tags: Banking, Financial Services/Finserv, Mergers & Acquisitions/M&A FDIC,
Federal Deposit Insurance Corp. (FDIC), First Citizens Bank, Silicon Valley Bank
(SVB) BankingTech News North America, USA



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