Shares of regional banks were rallying on Monday after
First Citizens Bancshares
snapped up large parts of Silicon Valley Bank’s business two weeks after its collapse triggered panic throughout the financial sector.
The Raleigh, N.C.-based bank took over SVB’s 17 branches, which reopened Monday under the new ownership, as well as $119 billion in deposits and $72 in loans. The Federal Deposit Insurance Corporation, which closed the Silicon Valley-based bank earlier this month, said First Citizen is getting a discount of about $16.5 billion. The acquisition will push First Citizens from the 30th largest U.S. bank by assets to the top 25.