Silicon Valley Bank deal soothes broader markets, but default stress haunts banks

Times of India

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A suitor for SVB soothes broader markets, but default stress stalks banks

First Citizens BancShares Inc was in advanced talks to acquire SVB from the Federal Deposit Insurance Corp/ North Carolina-based First Citizens has around $109 billion in assets and total deposits of $89.4 billion. The collapse of SVB little more than two weeks ago has reverberated around the world, sending U.S. depositors fleeing smaller banks for larger cousins while the hit to confidence forced Credit Suisse into the arms of rival UBS last we…