First Citizens to buy $72 billion in assets of failed Silicon Valley Bank, FDIC says

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First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.

© Patrick T. Fallon/AFP via Getty Images, FILE FILE – The SVB Private logo is displayed outside of a Silicon Valley Bank branch in Santa Monica, Calif., March 20, 2023.

“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion,” FDIC officials said in a press release.

MORE: A timeline of the Silicon Valley Bank collapse

Seventeen former Silicon Valley Bank branches will open their doors on Monday as First Citizens Bank branches, the FDIC said.

About $90 billion of Silicon Valley Bank’s assets will remain in receivership with the FDIC, the regulator said.

ABC News’ Max Zahn contributed to this story.