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Axios
Axios
Business

First Citizens agrees to buy Silicon Valley Bank

First Citizens Silicon Valley Bank FDIC SVB America

First Citizens BancShares of Raleigh, N.C. has agreed to buy the commercial banking business of Silicon Valley Bank, which recently collapsed and was seized by the U.S. government.

Why it matters: This is a step toward stabilizing America's regional banking sector, after a month of tumult.

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