First Citizens will buy Silicon Valley Bank, ... The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on March 13, 2023.

First Citizens Bank is to purchase $72 billion dollars worth of assets from SVB at a deeply discounted price of $16.5 billion, while also handling $56 billion of the failed bank's deposits.

First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, said on Sunday that it would acquire Silicon Valley Bank, the California lender founded in ...