Tag Archives: Signature Bridge Bank

Due to financial instability, Sac City, Iowa-based Citizens Bank has been placed in receivership by the FDIC, marking the fifth U.S. bank failure reported this year.

FDIC turns ownership of Silicon Valley Bridge Bank over to First Citizens Bank & Trust Company in a deal that includes the purchase of approximately $72 billion of Silicon Valley Bridge Bank’s assets at a discount of $16.5 billion.

The transaction includes the purchase of certain loan portfolios from Signature Bridge Bank totaling $12.9 billion, and the assumption of $34 billion in deposits by Flagstar.