From WSJopinion: First Citizens bank was the lucky winner of the bidding to buy the assets of Silicon Valley Bank. The losers will be customers of other banks who will have to pick up the cost to replenish the deposit insurance fund.
Journal Editorial Report: Biden officials are sending damaging mixed signals on policy. Images: Getty Images/Pool via AP Composite: Mark KellyIt’s good to be a banker at the remainder counter, especially when the feds are helping with the purchase. First Citizens BancShares on Sunday night was the lucky winner of the bidding to buy the assets of Silicon Valley Bank, and what a deal it is.
North Carolina-based First Citizens will acquire all of SVB’s deposits, loans and branches but leave $90 billion in securities and other assets with the FDIC. First Citizens will buy SVB’s $72 billion in loans at a sizable $16.5 billion discount and share future losses or gains with the FDIC. How sweet it is for First Citizens, whose shares rose 45.5% Monday.
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