First Citizens Bank & Trust Company will acquire Silicon Valley Bank, which unexpectedly failed earlier this month and rocked the U.S. financial landscape. The North Carolina-based First Citizens announced on Monday an agreement with the Federal Deposit Insurance Company (FDIC) to acquire all of Silicon Valley Bank’s deposits and loans, which had been moved to an FDIC-created bridge bank after the collapse, in a move that could calm anxious investors. Former Silicon Valley Bank customers will automatically become depositors of First Citizens, and the 17 former Silicon Valley branches will open as First Citizens branches on Monday, the FDIC said. The abrupt closure of Californ
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