Silicon Valley Bank: most of failed lender bought by First Citizens

The collapse of Silicon Valley Bank has triggered turmoil in the global financial sector. Photograph: Damian Dovarganes/AP

The failed Silicon Valley Bank (SVB) will be mostly taken over by First Citizens, a North Carolina lender, and its collapse will cost $20bn (£16bn) in deposit insurance payouts, US regulators have said.

First Citizens will take on all $119bn in deposits and loans from the entity set up after SVB’s collapse earlier this month.