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Silicon Valley Bank

SVB’s former parent may need new funding after $2bn cash seizure

Silicon Valley Bank’s former owner may need to take out a bankruptcy loan amid uncertainty about the US Federal Deposit Insurance Company’s seizure of $2 billion in cash from the company, its attorney said Wednesday. SVB Financial has…
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Business

First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens, the…
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Business

Silicon Valley Bank is largest failure since financial crisis, billions stranded

Startup-focused lender SVB Financial Group became the largest bank failure since the financial crisis on Friday, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.…
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