Silicon Valley Bank Sold to First Citizens in Government-Backed Deal

Banking regulators, which announced the deal late Sunday, had been looking for a buyer since seizing control of the failed bank.

The deal for the bank, renamed Silicon Valley Bridge Bank after the F.D.I.C. seized it, included the purchase of about $72 billion in loans, at a discount of $16.5 billion. The discount applied to the loans could help set a benchmark for other banks seeking investment, said Mark Flannery, Bank of America Eminent Scholar.   

Read more in this story from The New York Times.