The troubled banking system that seemed like it was on the brink of collapse earlier this month is having a breakthrough moment.
That is at least according to CNBC's Jim Cramer, who took to Twitter Monday morning to make the case that First Citizen's (FCNCA) purchase of what's left of Silicon Valley Bank is a positive sign for the industry.
DON'T MISS: First Citizens Buys Silicon Valley Bank From FDIC: Bank Stocks Gain
"First Citizens will be an interesting match with the folks in the Valley. I think that this shows there is real value in the carcass," Cramer tweeted to his two million followers Monday.
Not only is First Citizens in line to be a much-needed rescuer for Silicon Valley, but the bank is also providing a map of how to handle other bank failures, with Cramer declaring "at last FDIC is up to speed."
Silicon Valley Bank Purchase
First Citizens BancShares jumped in trading Monday after the bank agreed to buy failed lender Silicon Valley Bank late Sunday.
North Carolina-based First-Citizens Bank & Trust, a subsidiary, will assume around $56 billion in Silicon Valley Bank deposits and take on the tech start-up lender's $72 billion loan book at a discount of around $165 billion.
The group said it would also receive an additional line of credit from the Federal Deposit Insurance Corp. for what it called "contingent liquidity purposes".
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