Amid the collapse of critical fintech lender Silicon Valley Bank, companies across the sector have scrambled to access their assets previously under management of SVB. Faced by the largest bank crash within the last 15 years, the Federal Deposit Insurance Corporation (FDIC) has faced the daunting task of steering SVB’s $167 billion in seized assets.
According to an announcement by the FDIC, however, an appropriate partner has been found in the form of First Citizens Bank. Having previously helped bail out five other major U.S. banks in the last decade, First Citizens has built a reputation as a trusted name in disposing of such assets in a fair and transparent manner.
“We are committed to building on and preserving the strong relationships that legacy SVB's Global Fund Banking business has with private equity and venture capital firms,” said Frank B. Holding Jr., First Citizens’ Chairman and Chief Executive Officer. “This transaction also will accelerate our expansion in California and introduce wealth capabilities in the Northeast. SVB's Private Wealth business is a natural fit for our high-touch and sophisticated level of high-net-worth customer service and approach.”