First Citizens Bank agrees to buy assets of Silicon Valley Bank
RIGHT NOW, THE 10-YEAR TREASURY IS 3.453% WITH THE 2-YEAR TREASURY BELOW 4% AT 3.917%. >>> IN BREAKING NEWS, HELPING REGIONAL BANKS. FDIC SAYS FIRST CITIZENS BANK WILL BUY THE DEPOITS OF SILICON VALLEY BANK. IT IS$72 BILLION OF ASSETS AT THE DISCOUNT OF $16 BILLION. $90 BILLION IN SECURITIES AND OTHER ASSETS REMAIN IN RECEIVERSHIP. THIS POSITION BY THE FDIC. THE FDIC RECEIVED EQUITY PROTECTION RIGHTS IN FIRST CITIZENS BANK SHARES. POTENTIAL VALUE UP TO $500 MILLION. THEY WILL RECEIVE A LINE OF CREDIT FROM THE PURPOSES. IT HAS A PROFIT SHARING AGREEMENT TO PROTECT FURTHER CREDIT LOSSES. AT
THE BEGINNING OF THE DAY, THE SILICON VALLEY BANK BRANCHES WILL BEGIN OPERATING AS A DIVISION OF FIRST CITIZENS BANK. THE CEO WILL JOIN US THIS MORNING. IN THE TOP 30 AS FAR AS BANKS. 109 BILLION IN ASSETS. >> SVB WAS 16 IN TERMS OF ASSETS BEFORE EVERYTHING FELL APART. >> 16th. THIS WILL PUT IT IN THE TOP 25. $109 BILLION IS WHAT IT HAD BEFORE. VERY B
