First Citizens to acquire collapsed Silicon Valley bank

First Citizens to acquire collapsed Silicon Valley bank

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Depositors of SVB “will automatically become depositors of First Citizens Bank,” the FDIC said, which will continue to insure deposits.

Along with the FDIC, the United States Treasury and the Federal Reserve set plans in place to ensure that SVB customers would be able to access their deposits, while the Fed created a new policy for banks in an effort to prevent the quick demise of SVBs. Borrowed equipment introduced.

The collapse of SVB caused a crisis of confidence among customers of a similar size to US banks, with many withdrawing their money and depositing it in larger institutions deemed too large for the government to bail them out in the crisis. goes.

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