Silicon Valley bridge Bank

By KIMBERLEY HAAS Leaders at First Citizens Bank and Trust Company have entered into an agreement to acquire Silicon Valley Bridge Bank. Silicon Valley Bridge Bank was created by officials at the Federal Deposit Insurance Corporation on March 13 after the collapse of Silicon Valley Bank. All deposits, insured and uninsured, substantially all assets, and all qualified financial contracts of Silicon Valley Bank were transferred to the bridge bank. According to a press release, through an agreement with officials at the FDIC, First Citizens will assume Silicon Valley Bridge Bank’s assets of $110 billion, deposits of $56 billion, and loans of $72 billion. “Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets…