First Citizens buys chunk of failed Silicon Valley Bank

Photo by: First Citizens Bank
Photo by: First Citizens Bank

(Santa Clara, CA) -- There are some new developments on the collapse of Silicon Valley Bank.

It was revealed overnight that First Citizens Bank is buying most of its former rival. This means all 17 SVB branches will reopen today under the new name.

Customers are advised to continue using their current branch until they get notice of their account being fully moved across.

SVB was shut down more than three weeks ago after clients withdrew 42-billion dollars in one day.