The US Federal Deposit Insurance Corporation (FDIC) has reached an agreement to sell all assets and deposits of Silicon Valley Bridge Bank to First-Citizens Bank&Trust.
First Citizens Bank is a bailout bank created by the US government to take over the assets and deposits of Silicon Valley Bank, which closed in early March.
On Monday, March 27, all 17 branches of Silicon Valley Bridge Bank will begin operations as part of First Citizens Bank&Trust.
The collapse of California's Silicon Valley Bank (SVB), announced on March 10, was the largest US banking crisis since 2008.
After SVB, New York-based Signature Bank also went bankrupt, making it the third-largest banking crisis in US history.
Americans believe that one of the reasons for this situation is that the US government is not doing enough to regulate the banking sector.
Comments (0)