According to Fox Business [emphasis added]:

On Sunday, the Federal Deposit Insurance Corporation (FDIC) announced First-Citizens Bank & Trust Company of Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association.

“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023,” the FDIC said in a statement.

“Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations,” the statement continued.

Depositors of the Santa Clara, California-located bank will automatically become depositors of First–Citizens Bank & Trust Company, according to the statement, and all deposits will be assumed and insured by First–Citizens Bank & Trust Company, up to the insurance limit.

The FDIC said: “As of March 10, 2023, Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits. Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion.”

In addition, approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.

According to the statement, the FDIC and First–Citizens Bank & Trust Company entered into a “loss–share transaction” on all commercial loans it purchased from Silicon Valley Bank (SVB).

In layman’s terms, First Citizens Bank is doing the equivalent of taking over payments. The losses accrued during the collapse of Silicon Valley Bank as well as future losses when depositors pull out of their new bank will go through the legal but extremely shady transition process of book-jumping. Assets and liabilities will be bounced around different balance sheets to dilute the reported losses, but at the end of the day it will all come back to taxpayers. All of it.