First Citizens takes over a large part of Silicon Valley Bank

First Citizens Bank will take over large parts of Silicon Valley Bank, which went bankrupt in early March: Its 17 former branches will open today as First Citizens, the Federal Deposit Insurance Corporation said.

The transaction includes the purchase of approximately $72 billion of SVB's assets, discounted by $16.5 billion, the US regulator said, adding that as of March 10, SVB had $167 billion of assets and $119 billion of deposits.

First Citizens, based in Raleigh (North Carolina), defines itself as the largest family-owned US bank.