Deal to buy Silicon Valley Bank calms bank fears, for now
By STAN CHOE
AP Business Writer
NEW YORK (AP) — First Citizens will acquire much of Silicon Valley Bank, the tech-focused financial institution whose lightning-quick failure this month set off a chain reaction that rattled faith in banks around the world. The sale underscores that Silicon Valley Bank’s assets do have value and helps to rebuild some faith. Stocks of several beaten down banks rose in a show of strength after the Federal Deposit Insurance Corp. announced the deal. But investors and experts caution the sale doesn’t by itself provide an immediate all-clear for other banks following the second- and third-largest U.S. failures in history. That will likely take more time.
