First Citizens Bank has agreed to buy $110 billion in assets, $56 billion in deposits and $72 billion in loans from the collapsed Silicon Valley Bank (SVB).

​​First Citizens will purchase about $72 billion of SVB's assets at a discount, with around $90 billion of securities and other assets left with the Federal Deposit Insurance Corporation (FDIC). The bank will also operate SVB’s 17 branches upon completion of the takeover.

The FDIC also said that the collapse of SVB could cost its Deposit Insurance Fund around $20 billion.

For First Citizens, the acquisition will significantly increase its business which ended 2022 with $109 billion in assets and around $90 billion in deposits. The bank has a track record of FDIC-assisted deals, and has acquired nearly two dozen companies in this manner since 2008. It paid $2 billion to acquire midsized lender CIT in 2022.

Before its collapse, SVB was the sixteenth biggest lender in the US with around $209 billion in assets. It was the largest bank to fall apart since the 2008 financial crisis when it was closed by regulators on 10 March following a run on 9 March when $42 billion was withdrawn from the bank.

SVB's UK business was acquired on 13 March by HSBC for £1.

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