Initial reactions glowing as Raleigh’s First Citizens buys Silicon Valley Bank
Posted on AllSides March 27th, 2023
From The Center
The Triangle’s largest bank is making national headlines with its recent purchase of one of the most famous — or infamous — banks in the country. Late Sunday, Raleigh-based First Citizens Bank entered an agreement with the federal government to buy all the deposits and loans of the former Silicon Valley Bank, a tech-focused financial institution which collapsed on March 10. First Citizens is using company stock worth up to $500 million to complete the purchase, according to the Federal Deposit Insurance Corporation (FDIC), which has managed Silicon Valley since...