North Carolina-based First Citizens Bank is set to acquire all deposits and loans of Silicon Valley Bank, according to a statement from the Federal Deposit and Insurance Corporation (FDIC).
Under a March 26 purchase and assumption agreement, 17 former branches of Silicon Valley Bank will open as First Citizens Bank and Trust Company on Monday, March 27, while all depositors of SVB will automatically become depositors of First Citizens Bank.
"Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion," said the FDIC in a statement.
Crypto exchange Binance expects to pay penalties to settle US investigations
The number of Ordinal inscriptions passed 100,000 late Tuesday, proving that the project to bring digital assets natively to the Bitcoin blockchain continues to intrigue the crypto space since its launch last month.
The 100K milestone was closely watched, and comes less than a day after Ordinals crossed the 75,000 inscription mark, according to a Dune report, with transaction fees for the digital collectibles topping $114,590 earlier today.