Sale of bankrupt Silicon Valley Bank
Frost Citizens Bankshares, a financial services and banking company, announced on Tuesday that it will acquire the assets, deposits, and loans of Silicon Valley Bank as well as some assets of Federal Deposit Insurance Corporation.
As part of this deal, Federal Deposit Insurance Corporation stated in separate statements that after deducting the relevant debts, it was able to sell some of its assets in exchange for receiving $500 million worth of Frost Citizens Bankshares’ shares.
Under this agreement, Frost Citizens Bankshares will acquire Silicon Valley Bank’s assets worth $11 billion, its deposits worth $56 billion, and its loans worth $72 billion.
It is said that the purchase of Silicon Valley Bank’s assets came with a discount of $165 billion.
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