FDIC

SVB Financial Trust says First Citizens BancShares never acquired or got permission to use the Silicon Valley Bank name when it bought the bank's assets.

The move temporarily reinstates pre-2024 merger policies while the FDIC reevaluates its review process.

JPMorgan will take over First Republic’s assets, including about $173 billion of loans and $30 billion of securities, as well as $92 billion in deposits.

The bank agreed to take on all deposits and loans, a deal that includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion.

The rule requires that 20 of the biggest U.S. lenders be able to rely on stable funding sources, such as long-term debt and customers’ deposits, in the event of a year long liquidity drought.