Silicon Valley Bank to Be Acquired by First Citizens After Biggest US Bank Collapse Since 2008

TL;DR

Photo Credit: ReutersUS bank First Citizens said Monday it has agreed to purchase all loans and deposits from Silicon Valley Bank, whose collapse this month sparked global fears about the sector. SVB's collapse sparked a crisis of confidence among the customers of similarly sized US banks, with many withdrawing their money and depositing it into bigger institutions seen as too big for the government to not bail them out in a crisis. Despite global contagion fears, central banks have pushed on with monetary tightening as they focus on fighting inflation -- even though the troubles in the banking sector have been linked to their rate hikes

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