US to backstop Silicon Valley Bank's sale to First Citizens

US to backstop Silicon Valley Bank's sale to First Citizens

FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration//File Photo/File Photo

U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government insurance fund.