First Citizens to buy Silicon Valley Bank, FDIC says

First Citizens BancShares Inc will aquire all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the regulator.

The purchase by unit First–Citizens Bank & Trust Company includes the purchase of about $72 billion of Silicon Valley Bank's assets at a discount of $16.5 billion, the FDIC said. First Citizens has around $109 billion in assets and total deposits of $89.4 billion.