Much of failed Silicon Valley Bank’s assets to be sold to First Citizens, FDIC says

(NEW YORK) — First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.

“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion,” FDIC officials said in a press release.

Seventeen former Silicon Valley Bank branches will open their doors on Monday as First Citizens Bank branches, the FDIC said.

About $90 billion of Silicon Valley Bank’s assets will remain in receivership with the FDIC, the regulator said.

ABC News’ Max Zahn contributed to this story.