FDIC announces First-Citizens Bank & Trust Company to purchase assets of Silicon Valley Bank

London/Oakland, California CNN  — 

First Citizens Bank is buying most of the business of Silicon Valley Bank, the tech lender that failed earlier this month.

The Federal Deposit Insurance Corporation (FDIC) said in a statement late Sunday it had agreed that First-Citizens Bank & Trust Company would buy all SVB deposits and loans that were transferred to a bridge bank in the wake of its collapse “to allow time for the FDIC to stabilize the institution and market the franchise.”

Seventeen former branches of SVB will open as First Citizens outlets on Monday, it added.

— This is a breaking story and will be updated.