First Citizens Bank to purchase assets of Silicon Valley Bank

TL;DR

In a milestone moment for the banking crisis, a company has purchased most of what’s left of the bank that started the meltdown. Why almost everyone failed to predict Silicon Valley Bank's collapse And the KBW Nasdaq Bank Index, which had lost more than 20% since the start of the banking crisis, was up 4% in early trading Monday before moderating to a 2% gain later in the morning. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund to be approximately $20 billion

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