Silicon Valley Bank collapses, First Citizens BancShares acquires it
Silicon Valley Bank, the 16th largest bank in the US, collapsed after a run on deposits left it insolvent. First Citizens BancShares acquired the bank, which has 17 branches in California and Massachusetts. SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection. The company is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking units, which were not included in the FDIC takeover of Silicon Valley Bank, while continuing to operate its businesses.