First Citizens BancShares Inc. (FCNCA.O) has completed its acquisition of Silicon Valley Bank (SVB) in a deal that has been highly anticipated in the banking industry. The move comes after a tumultuous period for Silicon Valley Bank that culminated in its collapse on March 10, 2023, and subsequent takeover by the Federal Deposit Insurance Corporation (FDIC). The Move Comes After a Series of Events Led to the Collapse of Silicon Valley Bank Silicon Valley Bank,…
In a statement released on March 19, 2023, US Senator Elizabeth Warren has called for an independent investigation into the failures of Silicon Valley Bank (SVB) and Signature Bank. The Senator has alleged that Federal Reserve Chairman Jerome Powell “bears direct responsibility” for the regulatory and supervisory issues that contributed to the banks’ failures. Lapses in Regulatory and Supervisory Process Warren’s call for an investigation comes after the collapse of SVB and Signature Bank raised…
