us bank crisis, another bankrupt bank of America sold, 189 banks are in danger, what will happen to people’s money? – us silicon bank sold out, first citizens bank buys silicon valley bank in 119…
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Another bank of America sold
Another big bank of America has been sold again. America’s Silicon Valley Bank has found a buyer. First Citizens Bank has decided to buy it for $ 119 billion. After this deal, the branches of Silicon Valley Bank will open under the name of First Citizens Bank. The buyers have heaved a sigh of relief after the sale of Silicon Valley Bank. The bank will now be helped to deal with the economic crisis. This bank surrounded by financial crisis has been bought by First Citizens Bank from Federal Deposit Insurance Corporation.
Silicon Valley Bank sold, relief to customers
Silicon Valley Bank had total assets of $167 billion on March 10 and total deposits of $119 billion. The collapse of the bank resulted in a loss of $20 billion to the Federal Deposit Insurance Corporation. Silicon Valley Bank is the 16th largest bank in the US. This bank is the favorite bank of tech companies and startups. The bank had deposits from several cryptocurrency firms. This bank was started in the year 1983 in Santa Clara, California. The condition of this closed bank, which was the first choice of startup companies, has been getting worse for the last few days. Shares of SVB Financial Group, the parent company of American bank Silicon Valley Bank, fell by up to 70 per cent. The account holders of the bank’s sale have got relief. Now they have got hope that they will get back their money deposited in the bank. After the bankruptcy of Silicon Valley Bank, the crisis was looming over the bank account holders. Now this difficulty seems to be over. 
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