North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.
The sale involves the sale of all deposits and loans of SVB to First-Citizens Bank and Trust Co., the FDIC said in a statement late Sunday. Customers of SVB automatically will become customers of First Citizens, which is headquartered in Raleigh. The 17 former branches of SVB will open as First Citizens branches Monday.
The collapse of Silicon Valley Bank on March 10 prompted the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil.
The bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid fears about the bank's health. It was the second-largest bank collapse in U.S. history after the 2008 failure of Washington Mutual.
On March 12, New York-based Signature Bank was seized by regulators in the third-largest bank failure in the U.S.
In both cases, the government agreed to cover deposits, even those that exceeded the federally insured limit of US$250,000, so depositors at Silicon Valley Bank and Signature Bank were able to access their money.
Mid-sized San Francisco-based First Republic Bank, which serves a similar clientele as Silicon Valley Bank and appeared to be facing a similar crisis, was in turn battered by investors worried that it, too, might collapse. That led 11 of the biggest banks in the country to announced a $30 billion rescue package.
The acquisition of SVB by First Citizens gives the FDIC shares in the latter worth $500 million. Both the FDIC and First Citizens will share in losses and the potential recovery on loans included in a loss-share agreement, the FDIC said.
First Citizens Bank was founded in 1898 and says it has more than $100 billion in total assets, with more than 500 branches in 21 states as well as a nationwide bank. It reported net profit of $243 million in the last quarter.
A Quebec mother of six, once detained in northeast Syria, has died while waiting for repatriation. The Canadian woman was known only by her initials F.J.
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European scientists have developed an artificial intelligence (AI) algorithm capable of interpreting pig sounds, aiming to create a tool that can help farmers improve animal welfare.
An infant has died and a woman is in hospital with life-threatening injuries after they were pulled from a burning home in the city's west end overnight.
Montreal police say four teenagers suffered stab wounds after an altercation near John F. Kennedy High School in the Villeray鈥擲aint-Michel鈥擯arc-Extension borough.
Voting officials say recounts in two ridings that could determine the outcome of British Columbia's election won't start until Sunday afternoon 鈥 and it won't be until Monday before the makeup of the legislature is finalized.
The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.
U.S. authorities earlier this year knew the whereabouts of a former Canadian Olympian who is now on the run for allegedly running a transnational drug trafficking ring and orchestrating murders in Ontario, according to Ontario court documents.
If Canadians could vote in the U.S. election, a majority would choose to send Kamala Harris to the White House.
Israeli strikes killed 36 people, many of them children, in Gaza and three journalists in Lebanon on Friday, as worries grew about supply shortages in Gaza and international pressure for a ceasefire mounted.
As the International Criminal Court's top prosecutor sought war crimes charges this year against Israeli Prime Minister Benjamin Netanyahu over actions in Gaza, he was engulfed in a very different personal crisis playing out behind the scenes.
Tropical Storm Trami blew away from the northwestern Philippines on Friday, leaving at least 82 people dead in landslides and extensive flooding that forced authorities to scramble for more rescue boats to save thousands of terrified people, who were trapped, some on their roofs.
North Korean troops are poised to be deployed by Russia on the battlefield in Ukraine as early as this weekend, Ukrainian President Volodymyr Zelenskyy claimed Friday.
A former Sports Illustrated swimsuit model鈥痠s alleging鈥痶hat former President Donald Trump groped her in the 1990s, in what she believes was an attempt to show off for Jeffrey鈥疎pstein.
A Los Angeles prosecutor said on Thursday he would ask a judge to release Erik and Lyle Menendez on parole after nearly 35 years in prison for the shotgun murder of their parents, as new evidence emerged indicating they were sexually abused by their father for years.
Immigration Minister Marc Miller says Canada's long-held consensus on immigration is under threat, but has not disappeared.
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As Prime Minister Justin Trudeau faces growing pressure from within his own caucus to step aside, former B.C. premier Christy Clark says she is open to returning to politics.
Quebec's health department says it will be ready to meet the expected demand for advanced applications for medical assistance in dying when it begins accepting those requests next week.
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Radon is a radioactive gas found in nearly every Canadian home. A new research study is putting a renewed spotlight on the invisible, odourless element that is the second-leading cause of lung cancer in Canada.
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London Ont. born astronaut and Mission Specialist Jeremy Hansen spoke with thousands of high school students across the country today about the upcoming Artemis II mission.
Diverse firefly species lit up the night during the late Mesozoic period, scientists have confirmed.
A new organization that aims to help people struggling with addiction officially launched in Ottawa Thursday, named after the late Matthew Perry.
Argentina's police raided the Buenos Aires hotel where ex-One Direction singer Liam Payne stayed before dying last week after falling from a third-floor balcony, a government official said Thursday.
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Broadway vs. Hollywood has produced the starriest Series in decades, if not ever.
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An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
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Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.
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Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
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Fire crews responded to a house fire in St. Clements Thursday night.
Erick Buhr, the man on trial for second-degree murder in the death of his grandmother Viola Erb, took the stand Thursday to testify in his own defense.
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The Saskatchewan RCMP is calling off its dangerous persons alert after two people were arrested in the Tobin Lake area Thursday afternoon.
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Saskatoon police are investigating a series of suspicious fires that were lit in the Mayfair neighbourhood on Thursday morning.
The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.
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Eighteen months after the closure of the London Health Sciences Centre鈥檚 (LHSC) fertility clinic, its replacement is now fully operational.
The London Health Sciences Centre Research Institute (LHSCRI) has released findings on their study looking into mood and anxiety disorders in young adults.
The cost of living is increasing, from groceries to gas, prices are consistently going up, and now there鈥檚 controversy surrounding paying for parking at hospitals.
OPP executed a search warrant at a Midland home address.
A haunted house in the Ontario Town of Innisfil is causing a real scare for some people a week before Halloween.
Issues include benefits, wages, working conditions, contracting out/work ownership and getting union representation for staff.
An active investigation is underway in the city.
According to the Ontario Nurses Association, about 84 registered nurses and registered practical nurses reached the collective agreement after two rounds of concilliation.
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Mounties on Vancouver Island are investigating after a set of popular driftwood sculptures was reportedly stolen last week.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The Municipality of Crowsnest Pass deserves a better shot at becoming a significant tourism hub than the UCP government is giving it, an NDP shadow minister said as the southwestern Alberta community gears up for a coal mining plebiscite.
A three-game road trip across the prairies got off on a sour note Wednesday night as the Medicine Hat Tigers defeated the Calgary Hitmen 4-2.
A town in southern Alberta will be one of the first to let golf carts be driven on select roads as part of a provincial pilot program.
A critical piece of the Sault鈥檚 homeless outreach strategy is almost ready to hit the road.
Police seized drugs, $70,000 and a large gold chain in a drug trafficking bust earlier this month in Thunder Bay.
An annual event held in Sault Ste. Marie is back for the 29th year to ensure local kids get the winter clothing they need as the temperature dips.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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