FDIC: First Citizens Bank Reaches Deal to Acquire Silicon Valley Bank

 Independent Institute senior fellow Judy Shelton reacts to the banking failure and gives her take on the Fed’s rate hikes on ‘Making Money.’ The Silicon Valley Bank finally has a buyer.  On Sunday, the Federal Deposit Insurance Corporation (FDIC) announced First-Citizens Bank & Trust Company of Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association.“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023,” the FDIC said in a statement.  “Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations,” the statement continued. HOW THE LAST-DITCH EFFORT TO SAVE SILICON VALLEY BANK FAILED Silicon Valley Bank (SVB) logo is seen through broken …

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