The transaction involves $72 billion in assets, the FDIC announced, adding that "SVB's 17 agencies will open as First Citizens" on Monday.

The collapse of SVB triggered a wave of panic in the banking sector in the United States, with repercussions even on the European markets.

Close to the tech community, SVB suddenly found itself in trouble after the announcement of the sale of $ 21 billion of financial securities, with a loss of $ 1.8 billion, and its intention to raise capital.

As the bank faced with massive withdrawals, the authorities deemed it insolvent on March 10 and took control of its assets, making it the biggest bank failure in the United States since 2008.

It then had $ 119 billion in deposits, details the FDIC.

The new entity reopened on March 13 under the name Silicon Valley Bank Bridge with a boss appointed to manage day-to-day affairs pending a decision on its fate.

All of this entity's loans and deposits will now be managed by First Citizens, while the FDIC will keep some $90 billion in other assets.

© 2023 AFP