First Citizens to acquire troubled Silicon Valley Bank

North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month. The deal could reassure investors at a time of shaken confidence in the banking industry. The Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in Silicon Valley Bank and another failed U.S. bank would be able to access all of their money. Customers of Silicon Valley will automatically become customers of First Citizens, which is headquartered in Raleigh.