The daily business briefing: March 27, 2023

First Citizens acquires Silicon Valley Bank's loans and deposits, Elon Musk offers Twitter workers stock grants valuing company at $20 billion, and more

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1. First Citizens acquires Silicon Valley Bank's loans, deposits

First Citizens BancShares announced Monday that it is buying a large part of failed Silicon Valley Bank, which collapsed two weeks ago after a run on its deposits and triggered a crisis that spread across the banking system. The Federal Deposit Insurance Corporation said First Citizens, one of the largest U.S. regional banks, would acquire SVB's $72 billion in loans at a discount of $16.5 billion, $56 billion in deposits, and all 17 of its branches, which will reopen Monday under First Citizens' ownership. About $90 billion of SVB securities remain in receivership. First Citizens will get a line of credit with the FDIC and an agreement with the regulator to share losses, giving it protection from potential SVB losses.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.