First Citizens BancShares Inc will aquire all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the regulator.

The purchase by unit First-Citizens Bank & Trust Company includes the purchase of about US$72 billion of Silicon Valley Bank's assets at a discount of US$16.5 billion, the FDIC said.

First Citizens has around US$109 billion in assets and total deposits of US$89.4 billion.

  - Reuters