RALEIGH, N.C. — First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corp. (FIDC) to acquire Silicon Valley Bank following the California-based regional lender’s collapse earlier this month. Under the terms of the deal, First Citizens Bank will purchase all loans and certain other assets and assume all customer deposits and certain other liabilities out of receivership from the FDIC. This assumption includes approximately $110 billion in assets, $56 billion in consumer and business deposits and $72 billion in outstanding loans. In addition, First Citizens Bank will receive a line of credit from the FDIC to ensure its own liquidity throughout the purchase process. First Citizens Bank has also entered into a loss-share agreement with the FDIC to provide further downside protection against potential credit losses. First Citizens Bank will not acquire any assets, common stock, preferred stock or debt of SVB Financial Group, the former holding company of Silicon Valley Bank. Frank Holding Jr., chairman and CEO of First Citizens Bank, said in a prepared statement that at the most fundamental level, the acquisition allows his company to scale its platform by adding new lines of business in new markets. He specifically cited the appeal …
