First Citizens (FCNCA) buys Silicon Valley Bank after run on Lender

First Citizens BancShares Inc. agreed to buy Silicon Valley Bank after a run on deposits wiped out the company in the biggest US bank failure in more than a decade.

The deal to decide SVB’s fate could help ease some of the turmoil engulfing the financial world, and shares in regional banks rose on the news, with First Citizens up 44%. Federal Deposit Insurance Corp. took SVB earlier this month due to concerns that bank runs could spread.