The FDIC says First Citizens Bank and Trust will buy Silicon Valley Bank deposits and loans and the deal includes the purchase of about 72 billion dollars in svb assets at a discount of 16.5 billion dollars around 90 billion dollars in Securities and other assets will remain in receivership disposition by the FDIC and the FDIC received Equity appreciation rights in First Citizen Bank shares with a potential value of up to 500 million dollars for Citizens will receive a line of credit from the FDIC for contingent liquidity purposes.
It has a loss sharing and any kind of a profit sharing agreement with the FDIC to protect further against potential credit losses and then beginning today svb 17 former branches will begin operating as Silicon Valley Bank a division of First Citizens Bank that's interesting they keep the name yep the CEO of First Citizens is going to join us at 7 A.M Eastern in the first one.
Interview Frank Holden Jr
I think raleigh-based bank it's in the top 30 as far as Banks I think 109 billion in assets this will put it SBB was 16 in terms of assets before everything fell apart there it was 16th 16. yeah this will put it in the top 25 uh and um it yeah 109 billion was what it what it had before so it's it's you know one of the fairly big Regional Bank at First Republic is up sharply today it's back over fifteen dollars a lot of the uh the Regionals back I now I think what the FED now is back to inflation I guess.