First Citizens BancShares is set to acquire the assets and loans of Silicon Valley Bank (SVB) following the lender's collapse, which triggered instability concerns within the sector. The move was positively received by investors, as reflected in a more than 40% surge in First Citizens' shares. The wider banking sector also experienced gains, bouncing back from the impact of SVB's failure. Meanwhile, Credit Suisse's fragility prompted UBS to take it over in a hurried acquisition.
All of SVB's 17 former branches will reopen on Monday under the First Citizens brand. Customers are advised to continue using their existing branch until they receive a notice from First Citizens Bank about the full transfer of their accounts. The recent collapse of SVB and Signature Bank was the most significant bank failure in the US since the 2008 financial crisis.
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