First Citizens Bank to buy Silicon Valley Bank after collapse, FDIC says

[LetMyPeopleVote]

Source: Washington Post

First Citizens Bank has agreed to purchase Silicon Valley Bank, which collapsed after a bank run, the Federal Deposit Insurance Corp. said Sunday.

All of Silicon Valley Bank’s 17 branches will open as First Citizens branches on Monday, the FDIC said in a release.

The announcement that First Citizens, based in Raleigh, N.C., would buy the Northern California bank is a significant step in the efforts to quell the chaos that unfolded after Silicon Valley Bank collapsed this month, setting off wider unease across the global financial sector.

This is a developing story.

Read more: https://www.washingtonpost.com/business/2023/03/27/silicon-valley-bank-sold-first-citizens/?utm_medium=social&utm_source=twitter&utm_campaign=wp_main

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[SalamanderSleeps]

1. Oh yeah, that will fix everything.

The first thing we might want to do about banks is take their unbridled use of zero away.

Fail. Make shit up. Fail. Make shit up. Rinse and repeat.

[C Moon]

2. In the whole vast configuration of things, I'd say First Citizens Bank...

is nothing but a scurvy little spider.

And that goes for you, too!

[SalamanderSleeps]

3. a bell rings everytime an angel gets their wings!

[dembotoz]

4. first citizens is an ok bank

They bought the bank i use a few years back

I run my small business thru them.

I loved my old bank...locations in supermarkets all over and they always seemed to be open.
First citizen closed a lot of locations and now i have one that is kinda local.
No longer have saturday hours which kinda suck but i have gotten used to.

But my account is still free and i guess that is the main thing.
Have not tried to get a loan or anything special from them so i can not vouch for them on that.

The fact is i have a number of electronic payments that go in and out of my account and it would be a hassle to change.

So if first citizen buys your bank, do not worry too much.
They may not be a warm cuddly bank you will love but they do not seem to go out of their way to make you hate them.

[wishstar]

5. $.15% is the highest interest rate First Citizens pays on any accounts

They may be a stable bank but definitely not a place to get any return on your money. I had to laugh when I checked their website to find that they generously offer up to $.15% but only on 4 to 5 yr CD's or if you have $500,000 in a money market, otherwise even less.

[NullTuples]

6. First Citizens is on a buying spree. It feels...bubble-ish?

"First Citizens Bank will nearly double its assets by buying Silicon Valley Bank"

But just a couple years ago, they nearly doubled it, too.

"A New Big Bank Is Born: First Citizens Buys CIT Group To Create A $100 Billion Institution"
https://www.forbes.com/sites/jonathanponciano/2020/10/16/big-bank-first-citizens-buys-cit-group-create-100-billion-bank/?sh=34ed2dd5621f