US backstops Silicon Valley Bank sale to First Citizens

US News, March 27. US regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens…

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