First Citizens Bank acquiring Silicon Valley after collapse (VIDEO)

First Citizens Bank is acquiring Silicon Valley Bank after its collapse.

The transaction is considered a whole-bank purchase, in which Silicon Valley’s assets and liabilities will be transferred to First Citizens.

First Citizens is buying about $72 billion of Silicon Valley’s assets, but the FDIC will keep control of another $90 billion. The FDIC had been forced to step in and take control of Silicon Valley’s assets when it went bankrupt earlier this month.

“First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years. We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again,” First Citizens Chairman and CEO Frank B. Holding said in a press release. “We look forward to building relationships with our new customers and positioning our company for …