The Latest Breaking News from SVB

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.

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

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.

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.

Americans have withdrawn nearly $120 billion in deposits from U.S. small banks in the week marked by the collapse of Silicon Valley Bank.

WASHINGTON — The collapse of Silicon Valley Bank has united deeply divided lawmakers toward a singular goal: raising money off the news.

Amias Gerety, former Treasury Department official, discusses what’s new, and what’s different in the SVB and Credit Suisse banking turmoil