March 27 (Reuters) – First-Citizens Bank & Trust Co, a unit of First Citizens BancShares Inc (FCNCA.O), said it will acquire $110 billion in assets, $56 billion in deposits and $72 billion in loans of failed lender Silicon Valley Bank (SIVB.O).
SVB was the largest bank, since the 2008 financial crisis, to collapse when California regulators closed the bank on March 10, sparking massive market disruption and heightened stress across the banking sector globally.
Santa Clara, California-based SVB was the sixteenth biggest U.S. lender at the end of last year, with about $209 billion in assets, while First Citizens has around $109 billion.
Below is a timeline of key events leading to the acquisition:
- MarketsFirst Citizens agrees to acquire failed Silicon Valley Bank9:46 AM UTC . Updated undefined ago
- Macro MattersHow First Republic's courtship of the wealthy led to meltdown9:05 AM UTC
- GalleryFinanceANZ CEO: Banking turmoil has potential to trigger financial crisis4:25 AM UTC
- GalleryFinanceSwiss sight deposits jump, suggesting Credit Suisse, UBS took emergency liquidity9:16 AM UTC