First Citizens to Buy Silicon Valley Bank: Bloomberg

SVB, a bankrupt lender, was the bank for some big crypto firms, including Circle Internal Financial.

AccessTimeIconMar 27, 2023 at 5:37 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

First Citizens BancShares (FCNCO), the parent company of First Citizens Bank, a midsize regional bank, has agreed to buy Silicon Valley Bank, Bloomberg reported Monday, citing a statement from the Federal Deposit Insurance Corp.

SVB Financial Group, the parent of Silicon Valley Bank, filed for bankruptcy protection on March 17.

While Silicon Valley Bank didn't provide fiat on-ramps to crypto exchanges, like Silvergate Bank and Signature Bank did, a number of key crypto companies such as Circle Internet Financial banked there. Circle’s USDC stablecoin fell from its $1 peg for a few days after the company announced that $3.3 billion of its deposits were at Silicon Valley Bank.

In an interview on CoinDesk TV’s “First Mover” earlier this month, Brian Brooks, the former acting head of the Office of the Comptroller of the Currency, said that the U.S. government is actively trying to choke off crypto’s access to the banking sector, but some crypto stakeholders have said that this banking crisis will strengthen crypto in the long term.

UPDATE: (Monday March 27, 05:35 UTC) Updates headline and lead paragraph to say deal has been reached.

Edited by Greg Ahlstrand.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.