- Very First People BancShares has actually accepted purchase Silicon Valley Bank.
- The offer consists of the purchase of about $72 billion of Silicon Valley Bridge Bank possessions at a discount rate of $16.5 billion.
- Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis.
Very First People BancShares, the moms and dad business of First People Bank, has actually accepted purchase Silicon Valley Bank, according to a Sunday declaration from the Federal Deposit Insurance Coverage Corp, or FDIC.
The North Carolina-based First– People Bank & & Trust Business participated in a purchase and presumption arrangement for all deposits and loans of Silicon Valley Bank, according to the declaration.
The offer consists of the purchase of about $72 billion of Silicon Valley Bridge Bank possessions at a discount rate of $16.5 billion.
Silicon Valley Bank was shut by regulators on March 10 after a bank run and capital crisis.
The Silicon Valley Bridget Bank had roughly $167 billion in overall possessions and about $119 billion in overall deposits since March 10, per FDIC’s declaration.