Silicon Valley Bridge Bank, National Association
Transaction Summary
On March 26, 2023, the Federal Deposit Insurance Corporation announced that FCNC had acquired certain assets and assumed certain liabilities of Silicon Valley Bridge Bank, N.A. The announcement follows the bank run on Silicon Valley Bank that resulted in its seizure by the FDIC on March 10, 2023
Silicon Valley Bridge Bank, N.A.
Headquartered in Santa Clara, California, Silicon Valley Bridge Bank ("SVB") provides commercial and private banking services, including private wealth management. SVB has a strong presence across the West Coast and in the Northwest with a unique client profile focused on innovative companies and their investors across the technology, life science and healthcare, private equity, venture capital and premium wine industries.
First-Citizens BancShares
Founded in 1898 and headquartered in Raleigh, North Carolina, First-Citizens BancShares ("FCNC") is the largest family-controlled bank in the U.S. with $109B of assets as of December 31, 2022. FCNC offers general banking services, commercial banking, and a nationwide direct bank. FCNC operates 550+ branches across 23 states.
