First Citizens Buys SVB
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 27 March 2023
⏱️ 11 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Monday, March 27th, and I'm your host Julie Morgan. |
| 0:12.0 | Silicon Valley Bank has a buyer. First Citizens Bank of |
| 0:16.1 | Raleigh, North Carolina has entered into an agreement with the FDIC for all |
| 0:20.6 | deposits and loans of Silicon Valley Bank. |
| 0:24.0 | Today is Catalyst to watch Monday, |
| 0:26.0 | and we've got an eye on what Fed speakers will be talking about. |
| 0:30.0 | Most interesting thing on that, I think, will be what exactly they do you address. |
| 0:34.5 | Do they talk monetary policy? |
| 0:36.2 | Do they talk, you know, tightening cycle like they have been? |
| 0:38.8 | Or will there topic be about recent developments surrounding banks. |
| 0:43.4 | Apple CEO Tim Cook is singing praises about the relationship that the company has with China. |
| 0:49.5 | He recently spoke at the China Development Forum. |
| 0:53.0 | Our top story. |
| 0:55.0 | It's official. |
| 0:56.0 | First Citizens Bank has agreed to buy Silicon Valley Banks |
| 1:00.0 | Deposits and loans. |
| 1:01.0 | The transaction includes the purchase of about $72 billion in assets at a discount of $16.5 billion. |
| 1:09.3 | While approximately $90 billion in securities and other assets will remain in receivership for |
| 1:15.4 | disposition by the FDIC. The FDIC also received equity appreciation rights |
| 1:21.0 | and first citizens bank shares, in stock with a potential value of up to $500 million. |
| 1:27.0 | The FDIC and First Citizens also entered into a lost share transaction on the commercial loans it purchased from Silicon Valley Bank. |
... |
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