MADRID, 27 Mar. (EUROPA PRESS) –
First-Citizens Bank
The FDIC estimates that the cost of Silicon Valley Bank’s bankruptcy for its Deposit Insurance Fund (DIF) amounts to about 20,000 million dollars (18,582 million euros), although the final figure will be determined when the judicial administration ends.
The agreement with First-Citizens Bank entails the purchase of assets for an amount of approximately 72,000 million dollars (66,897 million euros) from Silicon Valley Bridge Bank, with a discount of 16,500 million dollars (15,330 million euros), while around of 90,000 million dollars (83,621 million euros) in securities and other assets will remain under receivership for disposal by the FDIC.
In addition, the FDIC has received rights to common shares of First Citizens BancShares, with a potential value of up to 500 million dollars (465 million euros).
In this way, the 17 branches of Silicon Valley Bridge Bank will open this Monday as offices of First-Citizens Bank
