First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.

Acquisition affirms First Citizens' commitment to support Silicon Valley Bank depositors and borrowers

RALEIGH, N.C., March 27, 2023 /PRNewswire/ -- First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq:FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. The transaction is structured as a whole bank purchase with loss share coverage. First Citizens was selected to complete this transaction through a competitive bidding process.