The Latest Breaking News from Silicon Valley Bank

June S&P 500 futures (ESM23) are up +0.34%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning as market participants welcomed the news that First Citizens BancShares had agreed to acquire Silicon Valley Bank’s deposits and loans.

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

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Pressure on banking shares eased yesterday, after First Citizens’ deal to rescue Silicon Valley Bank. Shares in top lenders across the globe rose, with the FTSE up 0.9%.

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

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

Most economists from the public and private sectors expect the ongoing US and European banking crisis to have a limited effect on the Thai banking sector thanks to the solid fundamentals of local banks and the strong supervision of the Bank of Thailand.

The recent collapse of Silicon Valley Bank (SVB) and other major banks has raised fears about a potential 2008-style banking crisis. While this seems unlikely, like so many events these days, SVB’s failure has also been caught in the sticky rhetorical web of the culture war.

Yes, there were some scary moments, it was poorly regulated and your bank failed to protect your money – but you got it back